6  The Governor’s Concluding Remarks Annual Report 2022  BANCA D’ITALIA  The economic situation and monetary policy in the euro area The effects of the conflict in Ukraine on the euro-area economy have been amplified by the marked dependence of many Member States on energy imports, especially natural gas.
And this is not said in a flippant sense, because the way things have happened, and the speed with which change is occurring, compression of time to change is the major message that we should take from the discussions in the session.