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By Prof. Bruno COLMANT, Ph.D., Member of the Royal Academy of Belgium
After years of indecisive or pessimistic inflation, the Western world was hit, from July 2021, by inflation associated with the price of gas and, therefore, electricity. This conflagration has led to double-digit inflation in 2022, and even if its pace eases, inflation will be persistent. This reality is linked to deglobalization.
Indeed, the period 2001-2021 was characterized by disinflation, which some have described a posteriori as "great moderation." This period corresponded to the opening of Eastern European countries (after the fall of the Communist Wall) and the opening up of Asian countries in the wake of China's accession to the World Trade Organization in December...
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