Fiscal support and monetary vigilance:
Economic policy implications of the RussiaUkraine war for the European Union

Olivier Blanchard, Jean Pisani-Ferry 

Nobody can predict with much confidence how the war in Ukraine will evolve and
what its geopolitical consequences will be over the next few months, let alone the
next few years. Nevertheless, policymakers must think about the implications of
the war and the appropriate responses, realizing that they will need to be adapted
as circumstances evolve. Moreover, they must think coherently about the joint
implications of their actions, from sanctions on Russia to subsidies and transfers
to their own citizens, and avoid taking measures that contradict each other. This is
what we try to do in this Policy Brief, focusing on the macroeconomic aspects of
relevance for Europe.


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