The round of March confidence surveys in the Eurozone displayed the initial effects of the international geopolitical crisis, especially on consumers and industrial firms; the impact on the European cycle may last well beyond a few weeks. In the meantime, inflation hit a new high in March since the records began, at 7.5%. On this front, national Governments have intervened with further measures aimed at mitigating the effects on households and businesses, after those already put in place over the past few months: the measures introduced since last Autumn are worth almost one per cent of GDP, but they will contain only partially final energy prices.

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