The member of the Governing Council of the European Central Bank (ECB) and governor of the Spanish central bank, Pablo Hernández de Cos, said on Monday that “supply chain problems and rising raw material prices negatively affect the pace of economic recovery“.
“Recent events anticipate a significant downward revision of the economic outlook for 2021“said De Cos.
Additional comments
“There’s a high level of uncertainty about how households will spend savings they have had during the pandemic.
“We are likely to continue to see relatively high inflation rates in the coming months.”
“The high prices of raw materials are temporary in nature, although we cannot rule out that the rise in prices will persist in the coming months.”
“High energy prices may persist through winteras oil and gas storage is relatively low. “
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