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Martins Kazaks, a European Central Bank governing council member, warned that Europe must stop being “naive” and acknowledge it is already “at war” with Russia. In an interview with the Financial Times, he urged policymakers and central banks to prepare for further geopolitical escalation. Kazaks emphasized that the conflict poses significant economic risks, meaning institutions must remain vigilant and ready to respond to potential market shocks or supply chain disruptions rather than viewing the situation as a temporary storm.
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