The economic outlook is evolving at dizzying speed. Let’s start with the bad news to get it out of the way. Since mid-summer, gas prices globally, and for us in Europe, have soared. Almost every week over the past three months, new highs have been reached. This week was no exception. A unit of gas in Europe is now not double, but triple its price before conflict erupted in the Middle East at the end of February. With the northern hemisphere winter just beginning, and with European gas storage levels well below normal for this time of year, there is…

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