Joachim Nagel warned that eurozone inflation may soar to 10% by December 2022. Bundesbank President and member of the ECB's Governing Council Nagel acknowledged that the high inflation would reach 10% in October and may continue to rise. Nagel pinpoints that the EU economic growth may slow down and a recession seems likely in the short term. According to him, increased inflation in the EU will continue to cause headaches. It may peak at 10% this year and average above 6% in 2023. Earlier, German journalist Daniel Eckert said that “The story of the fall of Rome has many consistent coincidences with the developing crisis in the European Union.” He stresses that one of the main downturns is high inflation that severely hit the European currency.
