With the 3  BIS Review 107/2000  introduction of the euro, Member States’ governments, especially those of the euro area, have started to jointly assume - together with the European Commission and the ECB - their “shared specific responsibilities for the single currency” (Luxembourg European Council Conclusions).
This, in turn, fuelled what would eventually be the highest rates of global inflation in a generation.1 As the global economy was gradually recovering from the COVID-19 shock, another unexpected shock came early last year: Russia’s invasion of Ukraine which triggered a war that still rages on today.