So to the extent that European officials rouse themselves to address these alarming results, they will administer the wrong medicine.
And remember, these faltering results came in before the so called Tier Three economic sanctions against Russia went into effect. A new article in Project Syndicate argues that if they prove to be effective, as in they damage Russia in a meaningful way, the blowback to Europe will be even worse. The apparent assumption among Western policy-makers seems to be that Europe has enough fuel stockpiled that Russia will suffer from the loss of income before Europe feels the effect of higher energy prices due to any supply constraints Russia might impose. But the experts appear to have overlooked the fragility of Eurozone banks.
keyboard shortcuts: V vote up article J next comment K previous comment