After the euphoria as the EU relaxed its financial rules during the Covid crisis, the end of failed EU financial policy was hailed, this is being called into doubt again.

The Fed has now acted, raising interest rates by half a percentage point. That is the largest incremental increase in 22 years, though it is not, by itself, an economic earthquake.

The war in Ukraine. The conflict between the United States and Russia and the economic and social consequences for Europe.

The Fed’s high interest rate approach to stemming inflation is about reducing the bargaining power of workers, and especially workers at the lower end of the wage ladder.