In the election campaign, Emmanuel Macron was unable to do anything about inflation against Marine Le Pen and Jean-Luc Mélenchon. Macron would have had to correct his previous monetary and fiscal European policy.

Without a rapid deleveraging of the Western states, a rapid fight against inflation is unlikely to be possible. Therefore, the West must reorganize its currency, monetary and debt regimes.

Before February 24, 2022, many were under the illusion that defense policy could be replaced by economic sanctions. Now some hope that one can duck away in war.

Die bisherige Gefahr einer De-Globalisierung und neuen Bipolarität hat sich zu einem neuen Ost-West-Konflikt verfestigt. Die EU muß sich deshalb ökonomisch und europapolitisch neu aufstellen.

China is likely to have emerged victorious from the Corona crisis. However, the extent to which China can also profit from Putin's war in Ukraine is currently open.

The West is acting united against Putin. China will ask itself whether a renaissance of transatlantic relations has emerged. But the battle against Putin has not yet been won.