The traffic light coalition has already taken the first steps towards relief, but it cannot stop there.
(Photo: Reuters)
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The German Council of Economic Experts has significantly lowered its economic forecast and is warning of a recession in Germany. But this scenario only applies, as economists say, ceteris paribus. That means under otherwise identical conditions. Should there be a complete energy embargo against Russia, the forecasts are just as invalid as if the war were to escalate.
Whatever the economists read in detail from their crystal ball: stagflation is ante portas. Inflation was a heavy burden even before Putin’s attack on Ukraine – in the US and in Europe. With war on our doorstep, inflationary pressures will continue to rise. Together with the forecast economic slump, you have a fatal mix that is reminiscent of the oil price shock of the 1970s.
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