Skip to main content

Ukraine war puts ECB plans on hold

At next week’s monetary policy meeting, the Governing Council will stress that it will ensure banks have ample liquidity and that financial stability will be preserved while implementing EU sanctions against Russia. But its key message will be that it will tread carefully in exiting its accommodative policy and could even step up support if needed. Partly with that in mind, we are pushing back the first rate hike in our profile to December this year. That said, the Bank will also say it will revert to its previous plans when the conflict-related risks have faded.

Become a client to read more

This is premium content that requires an active Capital Economics subscription to view.

Already have an account?

You may already have access to this premium content as part of a paid subscription.

Sign in to read the content in full or get details of how you can access it

Register for free

Sign up for a free account to gain:

  • Unlock additional content
  • Register for Capital Economics events
  • Receive email updates and economist-curated newsletters
  • Request a free trial of our services


Get access