ECB's Centeno warns of 'stagflation' from Russia-Ukraine conflict

LISBON - European Central Bank Governing Council member Mario Centeno warned on Wednesday that Russia's invasion of Ukraine could lead to a combination of low growth and high inflation, known as stagflation, in Europe.

"There are stagflation scenarios in front of us," he said at an event in Lisbon. "It will obviously depend on the duration of the conflict and the more or less concerted response (in fiscal policy) of the Europeans."