Seen in this way, from afar, one would say that Europe is facing serious problems. We have a war that goes badly, if only because it lasts too long. We are suffering from a devastating inflation problem that is eroding income and savings, while making it excessively difficult for millions of European citizens to make ends meet. We are facing the end of the extraordinary laxity of monetary policy, which is going to lead to a certain, foretold, rate hike and perhaps - this is not certain, but it is very likely - to a debt crisis, as a consequence of the withdrawal of massive purchases made by the European Central Bank. The new issues, which will continue to be necessary due to the public deficits that will not cease, are going to face the logical demands that those who assume said purchases will pose.
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