Ukraine war clouding otherwise strong euro zone outlook: ECB

© Reuters. FILE PHOTO: The European Central Bank (ECB) logo in Frankfurt, Germany, January 23, 2020. REUTERS/Ralph Orlowski//File Photo

FRANKFURT (Reuters) – The “shock of war” has clouded the outlook for the economy just as inflation was taking hold in the euro zone and allowing the European Central Bank to withdraw its stimulus measures, ECB board member Isabel Schnabel said on Thursday.

“The shock of war hanging over Europe has clouded the global outlook,” Schnabel said in a speech that she said reflected the state of the economy before Russia’s invasion of Ukraine earlier on Thursday.

She added: “The economy is evolving in ways that suggest that, after a long period of very subdued price pressures, inflation is increasingly likely to stabilise in close proximity to our 2% target over the medium term.

“The current inflation outlook therefore calls for a gradual normalisation of our policy stance, reflecting the significant progress made towards meeting our inflation target in the future.”

ECB’s Schnabel says Ukraine war clouding otherwise strong outlook

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