The Times: Europe has to come the end of “ low prices age”
“The era of low prices” in the European region has come to an end, say journalists of the British newspaper The Times.
According to the newspaper, weekly food prices in European supermarkets are rising, and the crisis in Ukraine is increasing already high energy bills.
The public recognition of rising cost of living could lead to unrest in European society. In the West, the disturbance increases because of rising cost of living while the authorities try to mitigate the damage.
“They argue that Europe must admit: Two essentials, such as food and fuel, have been too cheap for a generation, and so government leaders must tell the truth to voters and prepare for a negative political reaction,” British journalists stressed.
Diederik Samsom, chief of staff to European Commission Executive Vice President Frans Timmermans, who is responsible for energy policy, admitted that “no one has the courage to tell voters out loud that maintaining the same standard of living is impossible and that higher prices are forever.
At the same time, the official said that unrest in European society was inevitable, since politicians had no options left to soften the blow from the increase in the cost of living.
Earlier, on April 27, Robert Habeck, head of the Ministry of Economy of Germany, said that Germany and the whole of Europe are now “paying the price” for the crisis in Ukraine. He predicted that this “payback,” including the ensuing increase in energy prices, would impoverish Germany.
The day before, Thomas Mayer, former chief economist at Deutsche Bank and founding director of the Flossbach von Storch Research Institute, told Deutsche Wirtschafts Nachrichten that prolonged inflation could “kill” the euro.
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