{"id":63509,"date":"2022-09-16T08:40:00","date_gmt":"2022-09-16T13:40:00","guid":{"rendered":"https:\/\/olduvai.ca\/?p=63509"},"modified":"2022-09-16T08:40:00","modified_gmt":"2022-09-16T13:40:00","slug":"imf-chief-harsh-winter-may-spark-social-unrest-in-eu-amid-energy-crisis","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=63509","title":{"rendered":"IMF Chief: Harsh Winter May Spark Social Unrest In EU Amid Energy Crisis"},"content":{"rendered":"
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IMF Chief: Harsh Winter May Spark Social Unrest In EU Amid Energy Crisis<\/a><\/h3>\n<\/header>\n
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A number of countries in\u00a0Europe<\/a>\u00a0may experience social unrest if the upcoming winter is harsh amid an economic crisis, the head of the International Monetary Fund (IMF<\/a>) warned on Wednesday.<\/p>\n

\u201cThere is certainly fear of\u00a0recession<\/a>\u00a0in some countries, or even if it is not recession, that it would feel like recession this winter,\u201d<\/em><\/strong>\u00a0said Kristalina Georgieva, managing director of the IMF.<\/p>\n

\u201cAnd if Mother Nature decides not to cooperate, and the winter is actually harsh, that could lead to some social unrest,\u201d<\/strong><\/em>\u00a0she added.<\/p><\/blockquote>\n

Attending the 2022 \u201cMichel Camdessus Central Banking Lecture\u201d held in Washington, D.C., Georgieva pointed out that Europe is directly affected by Russia\u2019s attack on Ukraine, saying the war has led to \u201chorrible\u201d economic consequences and added fuel to fears of recession in some countries.<\/p>\n

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Georgieva said the current situation meant that the\u00a0European Central Bank<\/a>\u00a0needed to be \u201cmindful of the necessity to keep the economy going,\u201d while also remaining\u00a0persistent in fighting broad-based\u00a0inflation<\/a>.<\/p>\n

\u201cInflation is stubborn, it is more broad-based than we thought it would be,\u201d Georgieva said.\u00a0\u201cAnd what it means is \u2026\u00a0we need central bankers to be as stubborn in fighting it as inflation has demonstrably been<\/strong>.\u201d<\/em><\/p><\/blockquote>\n

Second-Order Effects<\/strong><\/p>\n

Georgieva noted at the event that\u00a0the global economy had two consecutive shocks, the COVID-19 pandemic and Russia\u2019s attack on Ukraine, which contributed to surging prices and a cost-of-living crisis.<\/strong><\/p>\n

The disruptions in the flows of Russian gas to Europe remain the primary cause of Europe\u2019s current energy crisis. The continent has relied upon cheap Russian energy for years to power factories, generate electricity, and heat homes.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

IMF Chief: Harsh Winter May Spark Social Unrest In EU Amid Energy Crisis A number of countries in\u00a0Europe\u00a0may experience social unrest if the upcoming winter is harsh amid an economic crisis, the head of the International Monetary Fund (IMF) warned on Wednesday. \u201cThere is certainly fear of\u00a0recession\u00a0in some countries, or even if it is not […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,5,6],"tags":[124,265,279,284,418,434,33159,13351,694,16350,821,4318],"class_list":["post-63509","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-geopolitics","category-liberty","tag-central-banks","tag-energy-crisis","tag-eu","tag-european-union","tag-imf","tag-international-monetary-fund","tag-lorenz-duschamps","tag-price-inflation","tag-russia","tag-the-epoch-times","tag-ukraine","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63509","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=63509"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63509\/revisions"}],"predecessor-version":[{"id":63510,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63509\/revisions\/63510"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=63509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=63509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=63509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}