“The longer the war lasts, the higher the economic costs will be and the greater the likelihood we end up in more adverse scenarios,” she said in a speech.
The European Commission’s economic sentiment index dropped to 108.5 in March from a downwardly revised 113.9 in February, while consumer confidence plunged to -18.7 from -8.8. German price growth meanwhile soared past expectations to hit 7.6%, a level not seen since the early 1980s, suggesting that the eurozone reading on Friday, April 1, is almost certain to exceed economists’ 6.6% forecast.
While the central bank would normally tighten policy to fight inflation, such a move could exacerbate a recession, hurting consumers even more.
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