An exceptional conflict requires exceptional reactions

At this stage of the conflict, it remains impossible to know how and when it will end. But this week also showed that Western countries are able to muster a forceful response if the situation demands it. In particular the significant change in its foreign and defense policy announced by the German government is encouraging, showing that Europe has understood that a different, more robust, foreign policy approach is needed. Next week will bring the March ECB meeting, which will be closely followed by markets in a context where inflation in the euro area has reached a record high of 5.8%.