This lecture, delivered by Professor Volker Wieland, explores the impact of the energy crisis on European economies with a particular focus on Germany together with the impact of inflation, which was already on the rise prior to the attack of Russia on Ukraine in February 2022. Central banks missed the onset of inflation, underestimated the risk of sustained high inflation, and were caught on the wrong foot when the energy crisis hit. The war exposed the dependence of Germany and other countries on Russian energy supplies, in particular natural gas, and called for a swift response to strengthen energy independence. As winter gets closer, the shortage of supply and high energy prices are pushing European economies in recession. Germany is hit particularly strongly. Difficult policy challenges are characterized and avenues for policy action presented.
About the Speaker
Professor Wieland is the Chair of Monetary Economics at the Institute for Monetary and Financial Stability. Since June 2012, he has also served as Managing Director of the IMFS and previously he was Professor of Monetary Theory and Policy at Goethe University Frankfurt (2000-2012) and a Founding Professor of the IMFS. From 2003 until 2009 Wieland was Director of the Centre for Financial Studies.
About the Lecture
This lecture series was endowed to commemorate the work of the Anglo-German Foundation for the Study of Modern Industrial Society (1973-2009). The first lecture was delivered in 2011 under the auspices of the British Academy by Sir Tony Atkinson on “Britain, Germany and Social Europe 1973-2020”. The series is now managed by NIESR, and takes place in alternate years in London and Berlin on a topic of public policy interest.