MNI BRIEF: ECB Monitoring Ukraine Events Closely - Schnabel

The ECB will stand as a source of confidence and anchor for the euro area economy is light of Russia's invasion of Ukraine, Executive Board member Isabel Schnabel will say in a speech Thursday. Schnabel, speaking at a BoE panel event on the theme of quantitative tightening, will also stress that her remarks reflect the macroeconomic situation pre-dating the outbreak of war, with Governing Council members expected to meet in person later Thursday.

"The terrible act of aggression and the shock of war that we are witnessing in the heart of Europe overshadow today’s conference is a sad day for Europe and the world. Our thoughts are with the Ukrainian people," Schnabel will say.

"In such times of extreme uncertainty, central banks need to be a source of confidence and a reliable anchor for the economy. Therefore, we are monitoring the situation closely. My remarks today reflect the macroeconomic situation predating the war," she will add.