Thus, the euro area is at risk of being driven into recession during the winter – how minimal or serious this is will depend largely on what happens with the energy crisis and what solutions are followed for alleviating its effects. [Slide 3.
Euro area inflation has risen further: 10.6% in October, with underlying inflation at 5.0%] Inflation has been exceptionally high in the euro area: in October, the headline inflation figure was already 10.6%.