UBS On-Air: Paul Donovan Daily Audio Much to ‘closely monitor’

Russian energy supplies to Europe are in focus, with Russia attempting to annex parts of Ukraine and a leak conveniently developing in the Nordstream gas pipeline. The Nordstream gas pipe casing is around 15 centimetres (6 inches) thick, making it unlikely that Russian President Putin accidentally banged a nail through it. Cutting off gas to Europe is perhaps less likely to create consumer inflation (as consumers expect governments to offset price consequences), making the growth impact of energy rationing the bigger market concern.