- What we’ve seen in the last number of months is the energy shock, which is by far the dominant factor and which is now further amplified by the war
- Right now clearly inflation is a huge issue across Europe. But this essentially is an imported inflation shock, it’s a supply shock. Most of this inflation will fade away
- Fading away from inflation doesn’t mean that these high prices will reverse. Europe may have to get used to higher prices. But the momentum element will decline
All the focus in the market right now is on Ukraine, these comments were in an interview with Politico\ conducted yesterday and set to be published today.
