Fighting inflation by central banks is necessary from a market economy and distribution policy perspective. There are alternatives to maintaining financial stability at the expense of price stability.

When I started my new book, published on the anniversary of Russia's invasion of Ukraine, in April last year, I gave it the working title "Merkel - Putin. Two Careers from the Ruins of the Soviet Empire".

Why is the Hungarian government so Russia-friendly despite the Ukraine war? Does this policy feed on historical shoals? And what role does Russia play in it?

"The impossible fact" for large parts of the German economy is that it does not admit its dependence on China as a strategic mistake and does not name the impending losses.

The size of the state apparatus could be negatively correlated with its output. However, if the citizens themselves do not demand “Ordnungspolitik”, then the state will not act “ordnungspolitisch” either.

The EU Commission's proposals create further opportunities for higher debt levels. Fiscal policy could therefore become even more at odds with the necessary fight against inflation.