Europe is staring at the prospect of economic collapse. The war in Ukraine and Russia’s weaponization of energy supplies have triggered an economic crisis in the continent. With inflation and debt at record-highs, Russia has pushed Europe into recession. Meanwhile, President Joe Biden’s multi-billion dollar subsidy programs have pulled major businesses out of Europe and threatened the continent’s economic competitiveness. The EU may be undergoing a process of de-industrialisation.
HT’s Shashank Mattoo breaks down the origins of the perfect storm that has hit Europe. Mattoo explains how Russia’s energy war and America’s economic nationalism threaten to bring the continent to its knees.
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