ECB’s Villeroy: There is no recession risk at the moment from Ukraine war despite high uncertainty

Ukraine war will lead to higher inflation and smaller growth.

Ukraine war does not justify a return to "whatever it takes"-style policies.

Energy prices have started to decline but very volatile.

Ukraine war will cost French economy around 1%of growth.

Latest French government measures address rise in energy prices, but we need to reduce long-term exposure in energy sector.  

Russian credit default would have very limited consequences for global finance.

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