FX.co ★ EU: back to Middle Ages?

EU: back to Middle Ages?

EU: back to Middle Ages?

Forbes analysts unveiled an appalling forecast for the EU. The European economy is hurtling towards the Middle Ages amid the energy crunch and the cost-of-living crisis. Some experts came to a profound conclusion. The underlying reason for the doom and gloom in the EU is the political standoff with Russia. The whole European economy was heavily dependent on Russian petroleum products, though the 27 EU countries had different degrees of exposure. All in all, Russian energy resources used to be the bedrock of Europe's economic prosperity.

Kenneth Rapoza, a senior columnist at Forbes, warns that Europe is "rolling into the Middle Ages" because the full-blown energy crisis has already been raging across the EU. The journalist has compelling evidence to support his argument. The thing is that European authorities find it appropriate to cut down forests for firewood in the face of an acute energy shortage caused by the termination of Russian gas supplies. They are ready to sacrifice even century-old trees to provide households with modest heating. Kenneth Rapoza notes that plenty of manufacturing companies are forced to shut down, unable to pay sky-high electricity bills which have multiplied from a year ago. In turn, the population is now suffering from massive lay-offs. Amid high unemployment, millions of low-income households will have to survive a tough challenge in the winter.

Germany, the powerhouse of the European economy, has been the most reliant on Russian gas imports. Nevertheless, Germany joined the Western unanimous boycott of Russian energy suppliers, thus pushing its economy into dire straits. Germany’s President Frank-Walter Steinmeier admitted that the authorities would have to deal with a flood of homeless people in the coming months on the back of soaring food prices and utility bills. The policymaker called on the authorities in counties to take precautionary measures so that people do not lose their homes because they might face evictions due to the energy crisis and the conflict in Ukraine.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Open trading account