Barry Eichengreen, professor of economics at the University of California, Berkeley, is a former senior policy adviser at the International Monetary Fund. He is the author of many books, including In Defence of Public Debt (Oxford University Press, 2021).

Russia’s invasion of Ukraine is radically redrawing the global economic, political and security landscape. Politically, it is pushing Russia away from Europe. It has redoubled NATO members’ commitment to their alliance and led Germany to abandon its aversion to defence spending. Economically, it augurs an extended period of high energy prices as Europe weans itself from Russian oil and gas, in turn raising the spectre of stagflation.