Bce, la crescita Ue tiene fra i rischi, faro sulle 'incertezze di bilancio'

The ECB's economic bulletin indicates moderate growth for the fourth quarter, but high uncertainties due to geopolitical tensions. Prolonged energy supply disruptions could lead to higher energy prices, impacting real incomes and investments. Financial market risks and budget uncertainties may further tighten financing conditions, reducing consumption and investment. Energy price shocks are expected to raise inflation in the euro area, currently at 4.8%, although core inflation remains stable. The ECB notes that financing conditions have tightened since September 2026, which may affect inflation and growth. A subsequent decline in energy inflation, along with higher interest rates, is expected to help return inflation to target.