Precisely what he meant is something you will have to ask Mr Draghi, but I would assume so. Can you see geopolitical risks? Yes, of course. There is certainly a risk arising from the Ukraine crisis – a confidence risk relating to certain growth prospects.
The slowdown will be driven by the tight monetary policy necessary to bring inflation down to the target level and by the conservative fiscal policy intended to finance significant public debt repayments this year. In addition, the grain harvest is expected to decline from the record levels that made agriculture the primary driver of economic growth.