EU policymakers are repeating the same mistakes they made following Russia's full-scale invasion of Ukraine in 2022 – and before the global financial meltdown in 2008
“The past is a foreign country,” the British novelist LP Hartley wrote. “They do things differently there.”
Many European policymakers appear to agree. Christine Lagarde, for instance, recently dismissed stagflation – the toxic brew of high inflation and weak growth that ravaged Western economies half a century ago – as a “flashy term” that one should “park” in the 1970s.
“It’s a completely different situation,” the European Central Bank (ECB) president said, after a reporter suggested that the Iran war’s economic impact could be similar to previous oil shocks.
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