The response of economic policies was equally swift and extraordinary, aimed at strengthening health systems and supporting households and businesses. When the pandemic waves seemed to become less critical, in part thanks to the success of vaccination campaigns, during 2021 energy prices started to increase.
They began accelerating mid-year, reaching extremely high levels for natural gas in Europe, where it was mostly imported from Russia. This phenomenon gained in intensity and persistence with Russia’s invasion of Ukraine, and called for an acceleration in the process of monetary policy normalisation.