ECB Annual Report for 2022

25 May 2023
Frankfurt am Main

Annexes

  1. ECB Annual Report for 2022

    2022 was a turning point for the ECB's monetary policy. The inflation outlook changed abruptly as two types of shock hit the economy at the same time. First, the euro area underwent an unprecedented series of negative supply shocks caused by pandemic-induced supply chain disruptions, Russia's unjustifiable invasion of Ukraine and the ensuing energy crisis.