Vujcic said the Europe’s energy system is now more resistant to energy shocks caused by the clashes in the Middle East than it was in 2022, when Russia invaded Ukraine, thanks to the diversification of supplies
International News via Reuters:
Current energy prices are still closest to the ECB basic scenario and they should not influence inflation and growth, the European Central Bank’s incoming vice president Boris Vujcic said on Monday, N1 regional television reported.
Vujcic said the Europe’s energy system is now more resistant to energy shocks caused by the clashes in the Middle East than it was in 2022, when Russia invaded Ukraine, thanks to the diversification of supplies.
“We are not in an unfavorable and even less so in a very unfavorable scenario, either with regards to oil or with regards to gas,” Vujcic told a financial forum in Croatia. “And that is good news.”
Vujcic said that the energy shock is still of weak intensity due to the two-week ceasefire in the U.S.- Iran war but that the market may be hit if the war escalates again.
Reporting by Daria Sito-Sucic; Editing by Toby Chopra
