WEBINAR | Quarterly EU Economic Update: This Time Is Different – Europe Builds on its Foundations for Stability and Growth
President Trump’s decision to attack Iran has the potential to transform the Middle East – but at least in the short-term has led to sharply higher energy prices. But unlike in 2022, when Russia’s invasion of Ukraine triggered an energy crisis, this time Europe is much better prepared. The EU has greatly expanded its use of renewable energy, has diversified its suppliers of oil and natural gas, and has upgraded its domestic energy infrastructure.
Moreover, the European economy is on a much sounder footing. Euro Area inflation is at target, and pandemic-era supply chain problems are no longer causing price increases. Heading into the war, the EU economic expansion was gathering speed, helped by a strong labor market and growing household consumption, public spending on defense and infrastructure, and a recovery in the German manufacturing sector.
Higher energy prices will, of course, be a drag on EU growth the longer they last. But this time is different: the EU’s capacity to weather this and other storms is continuously improving. Progress is made in the field of competitiveness (Industrial Accelerator Act), easy in scaling up in the EU’s internal market (EU Inc) and the Savings and Investment Union.
Please join Yvonne Bendinger-Rothschild, Ben Carliner, Willem Kooi as they discuss the European Commission’s new Spring Economic Forecast, which will be the first to incorporate the impact of the conflict in the Middle East on the EU economic outlook.
SPEAKERS:
• Ben Carliner, Senior Economist, DELEGATION OF THE EU TO THE U.S.
• Willem Kooi, Counsellor for Economic and Financial Affairs, DELEGATION OF THE EU TO THE U.S.
• Yvonne Bendinger-Rothschild, Executive Director, EACCNY [Moderator]