European Central Bank policymakers are closely watching the unfolding crisis in the Middle East, policymaker Gabriel Makhlouf said today, adding that it was too early to assess the impact on economies.
"My view on that is that it's far too early to tell what the consequences are going to be," Makhlouf, a member of the ECB Governing Council and governor of the Central Bank of Ireland, said."We are watching developments very closely because they are bound to have economic implications for us to some extent," he said.
Oil prices rose today, recovering from some of the previous day's losses as investors remained on edge about the possibility of a spillover from the crisis. "This is of course firstly, and most importantly, a human tragedy," said Makhlouf, on a two-day working visit at the invitation of his Cypriot counterpart, Constantinos Herodotou.
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