Extent of Ukraine crisis' impact is still unknown - De Guindos

Thursday, 28. April 2022 09:22

European Central Bank (ECB) Vice President Luis de Guindos said on Thursday that the extent of the impact that the armed conflict in Ukraine will have on the Eurozone's economy is still to be determined.

"We will face, in the short term, higher inflation and slower growth. But there is considerable uncertainty about how large these effects will be," he said during the presentation of the central bank's annual report for 2021 before the Committee on Economic and Monetary Affairs of the European Parliament.

De Guindos explained that the invasion's consequences will include rising energy prices, as well as a slump in business and consumer confidence.

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