deglobalisation

Europe should not count on a traditional economic recovery. Due to second-round effects, inflation will widen further by 2023. And, ING chief economist Carsten Brzeski says, don’t count on gas prices coming down either. Nay, on the contrary, the real energy crisis will come next year. 

To a large extent, the current inflation level is a consequence of the coronavirus crisis. That is the main argument for labelling it temporary. However, the risk of this temporarily higher inflation is that it becomes lodged between the ears.