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MNI ECB Preview - March 2022: Hawks Stand Down, For Now

MNI ECB Preview - March 2022: Hawks Stand Down, For Now

  • Having appeared to be gearing up to normalise monetary policy, the ECB’s calculus has now changed following the Russian invasion of Ukraine.
  • For the time being, the direction of travel for monetary policy remains unchanged, but any momentum building behind a near-term tightening has subsided.
  • The ECB will reconfirm the December policy calibration, but the narrative on the medium-term inflation outlook will now reflect the new two-way risks that have resulted from the Ukrainian crisis.

For the full publication please see

ECB Preview March 2022.pdf

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