乌克兰战争背景下的货币政策问题

BRIEFING ECON in focus EN Policy Department for Economic,Scientific and Quality of Life Policies Directorate-General for Internal Policies Author:Drazen RAKIC PE 703.361-May 2022 Monetary policy issues in the context of the war in Ukraine On 24 February 2022,Russia launched an invasion of Ukraine.The war itself,as well as related sanctions and countersanctions are expected to have a significant impact on price stability,and possibly financial stability,in the euro area.In addition,the effective implementation of EU sanctions,targeting the Russian financial and capital markets,are in the hands of the European financial sector.These measures relate closely to the operational implementation of the monetary policy and payments systems.This next large shock comes at a moment when the euro area barely entered the recovery phase of the COVID-19 crisis.The steep and persistent rise in prices observed in recent months could have a dampening effect on economic activity,thus threatening the nascent economic recovery after the pandemic.Inflationary pressure was building up even before the war in Ukraine started.Headline harmonised index of consumer prices(HICP)inflation was surprising on the u