The European Central Bank leaves interest rates flat as expected: the main rate remains at zero, the deposit rate at -0.50% and the marginal loan rate at 0.25%.
This was announced by the ECB after the meeting of the Governing Council.
The war in Ukraine is "heavily affecting" Eurozone confidence, and energy prices are reducing demand and holding back production.
Says the ECB in a statement after the meeting of the Governing Council.
"Economic developments will crucially depend on how the conflict evolves," the statement read.
Inflationary developments "reinforce the belief that bond purchases through the App program will have to be completed in the third quarter".
The Council of the ECB "will take any action necessary to fulfill the ECB's mandate to pursue price stability and to help preserve financial stability".