ECB’s says Europe will not go into recession due to Ukraine war
European Central Bank (ECB) Vice-President Luis de Guindos said rising inflation would continue to have an impact on the EU but that the bloc’s economy would not go into recession as a result of Russia’s invasion of Ukraine. “Inflation was already high and it will get higher… but we will not enter a recession,” De Guindos said. Asked if that could change depending on how long the conflict lasts, the ECB VP said it was “very difficult” to predict and this would depend mostly on the prices of raw materials.
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