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ECB's Schnabel says her view is that some damage done from the Iran war will be hard to reverse

Schnabel’s comments suggest a cautious stance from the ECB regarding the economic implications of rising energy costs stemming from the Iran conflict.

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ECB's Schnabel says her view is that some damage done from the Iran war will be hard to reverse

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  • Seems to be a disconnect between stock market prices and global situation.
  • Private credit sector in Europe is too small for now to bring in systemic risk.
  • If higher energy costs are passed on to prices or wages increase in response, that is the sign policy has to react. 
  • If we wait until wages rises materialise, it will be too late. 
Context

This implies that the central bank may need to act preemptively if wage pressures emerge as a response to increasing costs, indicating a potential shift in policy. Traders should consider the impacts on EUR and fixed income, as market pricing could adjust to reflect any anticipated action from the ECB.

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