One year ago Russia started its unjustified invasion of Ukraine. This was a watershed moment for Europe. The ECB stands with the people of Ukraine who are suffering great loss of life and material destruction caused by Russia’s attacks on cities and infrastructure. As the first post in a series, this entry focuses on the war’s economic effects outside Ukraine. The war triggered a massive shock to the global economy, especially to energy and food markets, squeezing supply and pushing up prices to unprecedented levels. Compared with other economic regions, the euro area has been particularly vulnerable to the economic ... (full story)