All actors and stakeholders of the international economic system are focused on the Russia-Ukraine war and the deepening inflation trend globally and the uncertainty regarding growth expectations. While the two “black swans,” the global coronavirus pandemic and the Russia-Ukraine War, have exacerbated concerns about global food, energy and supply chain security, the general expectation at the beginning of March was that the leading economies would resume the expansionary monetary and fiscal policy program they set for a certain period of time. The term “black swan” is defined as an event or a process that causes irreversible and radical changes in the world economy and politics.
In fact, it seemed logical to focus on and maintain expansionary economic policies in order to compensate as soon as possible for the economic contraction and rising unemployment triggered by the pandemic, that affected 90% of the…
