Since this is an “out of equilibrium” scenario (liquidity runs should not occur if investors understand the willingness of a central bank to underpin the liquidity of the sovereign debt market), such conditions are typically not explicitly laid out: as the central bank for a new multi-country monetary union, it ultimately proved necessary for the ECB to spell out these conditions (as customised to the nature of the euro area).
If the full-scale war lasts longer than is envisaged in the baseline scenario of the current forecast, the Ukrainian economy will recover at a slower pace, while inflation will higher than currently expected. Other risks are also relevant for the forecast. When realized, most of these risks could worsen inflation dynamics and hold back economic recovery.