Ukraine war ‘severely affecting’ eurozone economy, central bank official says

By AFP 14 April 2022, 3:56 pm

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Men walk in a street destroyed by shelling in Chernihiv, Ukraine, on April 13, 2022. (AP Photo/Evgeniy Maloletka)

FRANKFURT — Russia’s war against Ukraine is “severely” impacting the eurozone economy, European Central Bank chief Christine Lagarde says, with surging energy costs, supply chain disruptions, and weaker consumer confidence weighing on growth.

“The war in Ukraine is severely affecting the euro area economy and has significantly increased uncertainty,” Lagarde says in a virtual press conference. “The impact of the war on the economy will depend on how the conflict evolves, on the effect of current sanctions, and on possible further measures.”