European Economic and Fiscal Policy in 2022-23

In 2022, economic development and economic policy in the EU were primarily shaped by the Russian invasion of Ukraine in February 2022 and the associated inflation and energy crisis. The phase of strong economic recovery came to an end in the summer. The main topics of European economic and fiscal policy were the monetary policy response to accelerating inflation since late 2021, measures at national and EU level to deal with the inflation and energy crisis and to ensure energy security and independence, the expansion of CO2 pricing at EU level and the future of European fiscal rules.