The European Central Bank has indicated that the impact of the energy shock on the eurozone economy has not yet fully materialized. Ongoing tensions in the Middle East represent a source of uncertainty that weighs on the region's economic recovery prospects.

According to the ECB, rising energy prices affect low-income households more significantly, as they allocate a larger share of their budget to energy spending compared to higher-income households.

The geopolitical situation in the Middle East introduces a factor of volatility in energy markets and supply chains, with potential repercussions on prices and on the confidence of economic operators.

The ECB therefore maintains a watchful stance regarding price developments and macroeconomic conditions, pending the actual manifestation of the energy shock and the impact of international tensions on the recovery trajectory.