Europe Is Facing Stagflationary Shock, EU’s Dombrovskis Says

European Union Economy Commissioner Valdis Dombrovskis warned of the stagflationary effect that the Iran war is creating for the bloc.

“Higher energy prices affect every actor in the European economy, firms and families alike — they are pushing the EU economy onto a path of weaker growth and higher inflation,” he told reporters on Monday. “Europe is facing is a stagflationary shock.”