Recent most-read articles: Cliff Taylor: Traditional economic certainties are breaking down
If much of inflation is, indeed, due to a messy economic readjustment, then a lot of it may be temporary. For this reason, some forecasters expect inflation to fall sharply next year. And so the case for central banks keeping on increasing interest rates weakens, particularly as this hurts economies which are already slowing. But central banks are still basing their actions on old-world theories, worried that inflation is getting embedded as the expectations of consumers and businesses change.
Two things have changed this. First, the pandemic upended supply chains, particularly those involving China where Covid shutdowns led to massive upheaval. Then the war in Ukraine increased tensions and increased the threat of the world dividing into competing political blocs. A whole new layer of complexity has been added to business and economic decisions.
This was the context for Intel’s decision earlier this year to invest an initial €33 billion in Europe. While Ireland got a slice of this, the landmark commitment was a €17 billion investment in Magdeburg, west of Berlin, where it will manufacture two new processors, near the EU’s major markets.. The German government will provide €6 billion of this, plus other infrastructure investments.
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