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Russia’s war on Ukraine

We stand with the people of Ukraine

The Russian invasion of Ukraine on 24 February 2022 was a watershed moment for Europe. The Governing Council has expressed its full support for the people of Ukraine. 

We will implement the sanctions decided on by the EU and European governments, and we stand ready to take whatever action is needed to ensure price and financial stability in the euro area. 

Monetary policy in light of the war in Ukraine 

Every six weeks the Governing Council takes its monetary policy decisions, which are then presented by the President and Vice-President at a press conference.

Press conferences

How is the war affecting our economy?

The outlook for euro area economic growth and inflation has become very uncertain due to the war in Ukraine. Our macroeconomic projections are published quarterly and feed into our monetary policy decisions.

Macroeconomic projections

How is the war impacting inflation?

Russia’s unjustified war against Ukraine and its people is a human tragedy. It is also having an economic impact in Ukraine and beyond. The ECB Blog focuses on inflation in the first of a series related to the invasion.

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Ukrainian refugees in the euro area

Millions of Ukrainians have fled Russia’s unjustified war in their country. Many have found refuge in the euro area, thus also increasing its available labour force. The ECB Blog draws on new data to give an insight into the whereabouts and demographics of Ukrainian refugees.

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