16 July
ECB officials urge region's financial institutions to prepare for potential tariff shocks
The European Central Bank (ECB) is urging the region's financial institutions to take proactive measures to mitigate the negative effects of the trade standoff with the United States, according to a note from the regulator's economists published on Tuesday.
New US President Donald Trump's unpredictable tariff policies are causing strong market fluctuations and threatening global economic growth, ECB officials emphasize. The US dollar is also under pressure due to the politician's actions, as it has been declining against a basket of major currencies so far this year.
As the central bank's representatives stressed, amid increased volatility, European organizations need to keep a close eye on potential risks and prevent them, maintaining the region's financial stability.
The views expressed by the officials echo the position of ECB Vice President Luis de Guindos, Bloomberg notes.
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