The balance of power at the European Central Bank has shifted decisively in favour of hawkish officials determined to tackle the risk of inflation spiralling upwards, despite fears that the war in Ukraine could drag Europe into recession.
Several ECB governing council members argued at Thursday’s meeting that it should wait before speeding up the withdrawal of its bond-buying stimulus due to uncertainty over the economic fallout from Russia’s invasion of Ukraine. But they were outnumbered by more hawkish voices.
“The argument about inflation dominated and prevailed over anything else, including the war, the uncertainty and the fears about growth,” said one person involved in the meeting.
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