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European University Institute - Robert Schuman Centre for Advanced Studies

Crunch Time for Europe's Economic Sanctions | Jean Pisani-Ferry

"Virtually any additional sanctions against Russia would entail an economic cost for Europe, which is why the European Union is dithering". A piece by Jean Pisani-Ferry published on Project Syndicate on 29 March 2022.

29 March 2022 | Opinion

Jean Pisani-Ferry_oped

In this recent oped,  Jean Pisani-Ferry discusses the effectiveness of European sanctions against Russia, the possibility of toughening them if the impact weakens and the economic cost they would entail for the EU.

"How large would the cost of tightening the screw on Russia be? The war in Ukraine has already darkened the economic outlook. The OECD recently estimated that, assuming prices of energy and commodities remain elevated, eurozone growth will be reduced by about 1.5 percentage points, and inflation will rise by two percentage points." [...]

"Europe’s leaders should make it clear to the public that they cannot defeat an adversary ready to endure a 20% drop in national income if Europeans are not willing to risk a 2% decline in their own." [...]

Continue reading Jean Pisani-Ferry’s recent publication on Project Syndicate.

Last update: 30 March 2022

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