The European Union has weathered the impact of Russia’s invasion of Ukraine much better than expected. The commodity price shock of 2022 is now a thing of the past, as Europe has pivoted away from Russian imports of oil and natural gas with amazing speed. Not only has the EU avoided energy shortages, but gas prices have now fallen below pre-war levels. This resilience has allowed the EU to shrug off fears of a recession and continue its economic expansion.



Growth in 2023 is likely to be stronger than expected just a few months ago. Historically strong labor markets, improving consumer confidence, and solid corporate profits are all working to keep the expansion on track, even in the face of continuing headwinds from the war. Though inflation remains too high, it is now coming down and should continue to ease in the months ahead. The EU is making massive investments in the green and digital transitions, which will secure Europe’s energy independence, support growth and innovation, and promote a cleaner, healthier environment.

SPEAKERS:

• Ben Carliner, Senior Economist, EU DELEGATION to the UNITED STATES
• Balazs Parkanyi, Counsellor for Economic and Financial Affairs, EU DELEGATION to the UNITED STATES
• Maddalena Perretti, Advisor, ECB's PERMANENT REPRESENTATION to the UNITED STATES
• Yvonne Bendinger-Rothschild, Executive Director, EACCNY [Moderator]