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A prolonged conflict in the Middle East, potentially involving Iran, could trigger a significant surge in inflation and a sharp decline in economic output across the Eurozone, according to the European Central Bank (ECB).
Philip Lane, the ECB's chief economist, highlighted this risk in a recent interview with the Financial Times, emphasizing the potential impact of sustained disruptions to oil and gas supplies from the region.
Lane warned that a protracted period of instability, particularly if it leads to a sustained reduction in energy imports, could have severe consequences for the Eurozone's economy, exacerbating inflationary pressures and hindering economic growth.
The ECB's assessment comes amid heightened geopolitical tensions in the Middle East, raising concerns about the potential for wider regional conflict and its impact on global markets.
