RT International By Ladislav Zemánek
There are moments in history when reality breaks through ideology with brutal clarity. Western Europe is living through one of those moments now.
The Iran war has sent shockwaves through global energy markets – but in Europe, the tremors feel like an earthquake. What was once dismissed as pessimism or “populist scaremongering” is now openly acknowledged at the highest levels of power.
With the Strait of Hormuz blocked, the EU faced a supply shock that promised to cripple manufacturing, ground airlines, hike up the price of food, spike borrowing costs, and send inflation spiraling back to crisis levels.
The crisis nobody can deny anymore
German Chancellor Friedrich Merz has compared the looming burden to the darkest days of recent memory, warning it could be “as heavy as we recently experienced during the Covid pandemic or at the start of the Ukraine war.” Head of the European Central Bank Christine Lagarde has admitted that the long-term effects are “probably beyond what we can imagine at the moment.”
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READ FULL ARTICLE HERE… (rt.com)
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