ECB’s Radev Says Energy Crisis May Spread to Wider Economy

The energy crisis sparked by the US war in Iran could spread to the rest of the economy if the conflict continues, European Central Bank Governing Council member Dimitar Radev said.

“When external shocks last longer, they rarely remain confined into one sector. What starts with energy can gradually spread through the wider economy,” Radev, who is also Bulgaria’s central bank chief, said at an event in Sofia on Friday. “That matters for monetary conditions, of course, but it also matters directly for businesses.”