The Russia-Ukraine war won’t deter the European Central Bank (ECB) from faster wind-down of asset purchases at its next policy meeting, the central bank’s Governing Council member Gabriel Makhlouf said on Thursday.

Key quotes

“It’s too early to estimate the impact that the conflict will have on the economy.”

“It’s entirely possible that in March we can make decisions as to what happens to the asset purchase program,” he said. “I don’t personally feel that I could tell you what’s going to happen to interest rates, and when. I’d prefer to have a bit more options open to me as we go.”

Market reaction

EUR/USD is trading around 1.1250, struggling to extend the recovery from 1.1209 lows amid mounting Russia-Ukraine tensions.