The global economic shocks of the past few years have left Europe particularly vulnerable.
While virtually everyone has suffered from climate- and pandemic-related disruptions, the European Union has also had the Ukraine war unfolding on its doorstep and its acute dependence on energy imports has meant that rising prices — and the need to shift away from Russian fossil fuels — have bitten especially hard. Both growth and economic security are under pressure.
To be sure, some of these were short-term shocks. The pandemic-related disruptions have largely resolved themselves, and even inflation, which surged in the pandemic’s aftermath, seems to be largely under control, thanks to the efforts of EU central banks, not least the European Central Bank, and the issue appears likely to be fully resolved within the next 12 months.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.