The member of the Governing Council of the European Central Bank (ECB) and president of the Spanish central bank, Pablo Hernández de Cos, said on Tuesday: “The Russian invasion of Ukraine will have adverse consequences on economic activity and will increase inflationary pressures“.
Additional comments
“Russian Invasion of Ukraine Uncertainty about the economic outlook in Europe and Spain has increased” and that the “scenario will depend on the length and severity of the conflict“.
“It is important that Spain’s fiscal policy makes use of its ability to act in a very granular and focused way to help the most affected households and companies because of the current shocks.
“They ask that the fiscal consolidation plan in Spain gradually reduce the high levels of deficit and public debt, which will be applied once the recovery is solid.”
market reaction
At time of writing, the EUR/USD pair is flirting with the 1.1000 level, having hit daily highs of 1.1020 in the last hour. The pair is up 0.56% on the day.
Source: Fx Street
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