“The situation would be even worse if the import or supply of Russian oil and natural gas were stopped. A significant recession in Germany would then be practically inevitable, “said Sewing.
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At the same time, it is pushing the European Central Bank (ECB) to take action against inflation. “A signal is urgently needed,” Sewing said.
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The ECB aims to keep inflation in the euro area at 2% in the medium term.
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In March, however, inflation in the countries paying in euros was a record 7.5 percent. In Germany, the eurozone’s largest economy, it rose 7.3 percent last month and was the highest since the country’s reunification in 1990.
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A study by the consulting company Deloitte warns even of the worst post-war inflation. According to her, this could happen if the fighting in Ukraine lasted well into next year.
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In that case, the German economy, which grew by 2.9 percent last year and on which many Czech companies depend, would add only 0.6 percent this year, while inflation would climb to 8.3 percent.
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Prices in Germany have never risen so fast since World War II. More than seven percent arrived in the 1950s alone and as a result of the 1973 oil crisis.
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