The New York TimesThe New York Times

Shock waves hit the global economy, posing grave risk to Europe

By Patricia Cohen

08 Sep 2022 · 5 min read

Editor's Note

A New York Times analysis shows how Europe could be facing its most challenging economic crisis in decades, as the financial fallout of Russia's invasion of Ukraine hits the EU hard.

Russia’s invasion of Ukraine and the continuing effects of the pandemic have hobbled countries around the globe, but the relentless series of crises has hit Europe the hardest, causing the steepest jump in energy prices, some of the highest inflation rates and the biggest risk of recession.

The fallout from the war is menacing the continent with what some fear could become its most challenging economic and financial crisis in decades.

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