Regional Economic Outlook: Europe, April 2023: Europe’s Balancing Act: Taming Inflation without a Recession

Author: International Monetary Fund. European Dept.

Europe faces the difficult task of simultaneously bringing down inflation, sustaining economic growth, and preserving financial stability, as it grapples with the fallout of the energy crisis triggered by Russia’s invasion of Ukraine and the aftermath of the COVID-19 pandemic.

Publication date: April 2023

ISBN: 9798400238154

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Banks and Banking , Inflation , Economics- Macroeconomics , Money and Monetary Policy , International - Economics , Europe , regional outlook , economic growth , recession , financial stability , inflation , Russia’s war in Ukraine , COVID-19 , financial sector risks , financial stress , financial regulation , energy , Türkiye earthquakes , housing market risks , Taylor Rule , European banking sector , labor , fiscal policy , monetary policy , financial policy , recovery , European economy , inflation expectation , rate surprise , growth-inflation trade-off , headline inflation , ECB monetary policy , price cap , central bank inflation target , target rule , inflation risk , Energy prices , Central bank policy rate , Inflation targeting , Housing prices , Global

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Summary

Economic growth has tumbled across Europe, inflation remains too high, and financial sector risks have materialized. Taming sticky inflation while avoiding financial stress and a recession will require tighter macroeconomic policies—tailored to changing financial conditions, stronger financial regulation and supervision, and bolder supply-side reforms that heal scars from the COVID-19 and energy crises.