German expert reveals the identity of the main cause of high inflation in Europe

Hans-Werner Sönen, former head of the Ifo Institute in Munich, stressed that the main responsibility for unusually high inflation in Europe lies with the European Central Bank.

He said in a statement on the German “compact” website: “Allegations that the blame for inflation in Europe lies solely with Russia, give only a simplified picture of the situation.”

“The ECB lit the fuse, and the crisis caused by the coronavirus pandemic was the spark that set everything on fire,” he added.

He continued: “Current inflation is already unusually high and the situation is getting worse… In Germany, producer prices rose by 33.6% and in Spain and Italy by more than 40%.”

He explained that “prices for the consumer are increased by at least a third of the indicated values.”

He concluded by saying, “There are no bright prospects for the future.”

Source: “TASS” + “compact”

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