ECB: Climate change and Ukraine crisis drive energy price inflation

The trend to move away from climate-harming energy sources, which has been accelerated in the wake of the Ukraine crisis, will come at a high price, according to ECB Director Isabel Schnabel. The measures to protect the planet and for the self-determination of free societies would usher in a “new era of energy price inflation,” the German economist warned on Thursday at the monetary policy conference “The ECB and its Watchers” in Frankfurt. “Steering through this phase will require solidarity and political cooperation at all levels – in Europe and at the national level,” she added.