(ANSA) - ROME, MARCH 24 - "Any adjustment of the reference interest rates of the ECB will take place after the end of the net purchases in the PAA area and will be gradual".
The ECB writes it in the Economic Bulletin, confirming that the rate hike will not be immediate after the end of the purchases.
Previously, the ECB had always indicated that the tightening of interest rates would take place immediately after the end of net purchases, which in the Bulletin is expected in the third quarter of 2022, provided that inflation prospects do not weaken.
"The Russian-Ukrainian war - the document continues - significantly amplifies uncertainty. The extreme downside risks deriving from a further escalation of tensions could be significant and compromise the global recovery, at the same time fueling inflationary pressures".
Furthermore, "the future course of the pandemic continues to represent an important risk factor for the basic scenario of projections relating to the world economy".
(HANDLE).