# Monetary policy after the energy shock

> ECB Executive Board member Fabio Panetta spoke in London on monetary policy after the energy shock from Russia's invasion of Ukraine. He noted rates have risen 300 basis points since July and balance sheet runoff will accelerate from March. He said the ECB must carefully reassess the medium-term inflation outlook after this tightening.

- Date: 2023-02-16 · published 2023-02-16T12:00:00.000Z
- Category: macro · region Europe · magnitude low
- Page: https://feedsoft.ai/events/37537-monetary-policy-after-the-energy-shock
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

Signals of a possible pause after aggressive tightening could ease pressure on the euro over time, a modest factor for dollar-priced commodities.

## Read by commodity

- EURUSD: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2019-11-21 | [Account of the monetary policy meeting](https://feedsoft.ai/events/56279-account-of-the-monetary-policy-meeting.md) | -0.6% | +0.6% |
| EURUSD | 2017-08-17 | [Account of the monetary policy meeting](https://feedsoft.ai/events/69662-account-of-the-monetary-policy-meeting.md) | +0.8% | +1.6% |
| EURUSD | 2017-02-16 | [Account of the monetary policy meeting](https://feedsoft.ai/events/72688-account-of-the-monetary-policy-meeting.md) | -0.1% | +1.3% |
| EURUSD | 2017-07-20 | [Monetary policy decisions](https://feedsoft.ai/events/70184-monetary-policy-decisions.md) | +1.0% | +1.6% |
| EURUSD | 2020-03-13 | [The Monetary Policy Package: An Analytical Framework](https://feedsoft.ai/events/6273-the-monetary-policy-package-an-analytical-framework.md) | -3.4% | -1.4% |

## Sources

- ecb.europa.eu: https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp230216~a297a41feb.lv.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.