Eurozone caught in an inflation trap

Soaring prices, faltering growth, rising interest rates and a war at its border… It is a rising tide of peril that the eurozone faces.

It has entered a new zone of turbulence. It is reasonable to hope that it will pass this stage since it is first and foremost a political project. But no one wants, or has any interest in, it exploding. The government that ends the European currency will go down in the history books, much as the Serbian nationalists did with the assassination of the heir to the Habsburg throne in June 1914 in Sarajevo, the event that triggered the First World War. Moreover, Vladimir Putin’s war in Ukraine and the Russian leader’s aggressiveness towards the West now pose a threat that no member state wants to face alone.

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