This contribution by the President of France is what Europe needs. Finally a leader who does not say that Europe is responsible for what goes wrong and that national politics can take credit for every success. On this basis we should now start a debate on the detailed proposals. The main danger will be to avoid the slippery slope from a 'Europe that protects' to a European protectionism. The European economy will be stronger if its subject to vigorous global competition, even if that competition might at times appear unfair to some.
As price increases accelerate, policymakers at leading central banks are slowly starting to move away from the narrative of “transitory” inflation that has already cost them the policy initiative. But the needed pivot is far from complete and not nearly quick enough, particularly at the US Federal Reserve.
urges US monetary policymakers to respond faster to higher and more persistent price growth.
Even if today’s fears of a global production meltdown prove to be exaggerated, COVID-19 has exposed the myriad vulnerabilities of cross-border value chains. The key issue, beyond the immediate priority of easing input shortages, is whether firms will need state help to protect themselves against future supply disruptions.