Draghi warns Ukraine crisis could have 'very serious' impact on Europe

The president of the European Central Bank (ECB) has said the currency crisis in Ukraine could have serious and long-lasting implications for the European energy market.

Mario Draghi (pictured) said although the impact of the geopolitical tensions on the energy market remains minimal, it may escalate to a "very serious" threat. The Telegraph quotes him saying: "If we look at [the energy market in] the next six months, the [impact of the crisis] is going to be very mild. If we look in a year-and-a-half, it could be very serious." Russia supplies a third of Europe's gas, 55% of which flows through Ukraine. If Russia threatens to turn off this supply, gas prices across Europe could rocket. Draghi also said the strength of the euro will keep inflation ...