European Central Bank to speed up end to economic stimulus program

Brussels: The European Central Bank says it will speed up the exit from its economic stimulus programs as it combats unexpectedly high inflation.

The bank said Thursday that it will end its bond purchases in the third quarter. Previously, it said it would taper them off to 20 billion euros per month by the last three months of the year and continue them as long as needed.

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The move comes as the bank is caught between unexpectedly higher inflation, which would call for the earlier exit, and concerns about the impact of the war in Ukraine on growth in the 19 countries that use the euro currency.

Inflation in the eurozone is running at an annual 5.8% and is expected to go higher due to rising prices for oil and gas.

AP