However, it should be kept in mind that there are more financial market segments of interest and that the euro and harmonisation policies might affect them to a different degree. As I have already noted, there is strong evidence that monetary union has fostered integration of markets for equity and long-term debt securities.
The war has also created new bottlenecks on top of the supply chain disruptions resulting from recent restrictions in Asia. Following a steady rise in the course of 2021, inflation reached a record high of 7.4% in March 2022, remaining at this level in April.