ECB’s Panetta Says Even If Iran War Ends Damage Has Been Done

Damage caused by the US’s war against Iran will continue to have a negative impact on the global economy even if hostilities end soon, according to European Central Bank Governing Council member Fabio Panetta.

“The ongoing conflict is already causing unprecedented disruptions in global energy supply chains and its spread to the Gulf countries has forced some of them to suspend hydrocarbon production, with immediate and potentially lasting effects on international markets,” said Panetta, who also heads the Bank of Italy.