Euro banknotes and coins. Archival photoMOSCOW, 2 Jul. The main responsibility for unusually high inflation in Europe lies with the European Central Bank, writes Compact, citing the former head of the Ifo Munich Institute for Economic Research, Professor Hans-Werner Sinn. Europe lies solely on Russia, give only a simplified view of the situation. The ECB “lit the fuse” and the crisis caused by the coronavirus pandemic became “a match that set everything on fire,” the expert believes. The current inflation rate is already unusually high, while the situation is getting worse: in Germany, producer prices rose by 33 .6 percent, in Spain and Italy — more than 40 percent. Consumer prices, in turn, increase by at least a third of the indicated values. «No bright prospects for the future,» Zinna concluded. >Europe is returning to coal and preparing for a harsh winter, media reportedAfter the start of the Russian military operation in Ukraine, the West increased sanctions pressure on Moscow. Some countries announced the freezing of Russian assets, many brands left the country. The European Union has already approved six packages of sanctions, which, in particular, provide for the gradual introduction of an embargo on the import of coal and oil. At the same time, in Europe and the United States, these steps provoked a record jump in inflation, in particular for fuel and food. Vladimir Putin said that the policy of containing and weakening Russia is a long-term strategy for Western countries, and the sanctions dealt a serious blow to the entire global economy. During his speech at the SPIEF, the Russian leader noted that oil and gas prices are rising due to the activities of the United States itself.
