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The European Economy is a Collateral Victim of the Conflict affecting Ukraine

Peoplepoweredbyenergy, CC BY-SA 4.0 , via Wikimedia Commons

We must remind that Russia's war against Ukraine is causing a humanitarian crisis but also an economic crisis. As far as Western Europe is concerned we must particularly emphasize that the military invasion of Ukraine has sharply increased food and energy prices hitting the most vulnerable populations hard. However and to date we must also stress that the European Union has escaped recession. The stoppage of the import of Russian gas did not cause an economic earthquake in Europe. And this is another lost bet for Pt Putin. Largely dependent on Russian hydrocarbons before the invasion of Ukraine, the EU drastically reduced its imports from Russia to turn to other countries such as the USA, Qatar, Egypt and even West Africa. The European Commission has also presented a plan called REPowerEU to end its dependence on Russia's fossil fuels as soon as possible. Added to this is the other objective of the European Commission which is to significantly reduce gas consumption in Europe. That means that every citizen in Europe must learn to reduce their own consumption. The findings so far are very encouraging. To date households but also businesses have succeeded in significantly reducing their consumption of natural gas. This major crisis will at least have taught European leaders to depend less on foreign products and to relocate as quickly as possible the manufacture of products which are essential for the growth of Western Europe.

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