Inflation jumped after countries emerged from Covid lockdowns and it has soared since Russia invaded Ukraine, with the IMF expecting consumer prices to rise by 8.3 percent globally this year.
The ECB has unveiled a new crisis-fighting tool to counter an "unwarranted" jump in borrowing costs for more indebted eurozone governments as it hikes its interest rates for the first time in over a decade.
For over a decade, the Nord Stream 1 pipeline reliably shipped natural gas from Russia to Europe -- until the war in Ukraine sent tensions soaring.
The European Central Bank will raise its interest rates on Thursday for the first time in over a decade, but the bank is already under pressure to do more amid record inflation.
The euro fell below $1.01 this week to its lowest level in 20 years. Here are the concrete consequences of the decline in the value of the single European currency.
Inflation has surged back to levels not seen in many developed economies since the 1970s and 1980s. Economists and central bankers at the European Cental Bank's conference in Portugal warn it will take time before price rises cool.
The Ukraine war has major economic consequences for energy, food, inflation and poverty, according to the European Bank for Reconstruction and Development. The EBRD's chief economist spoke to AFP about the fallout from Russia's invasion