European Commission president Ursula von der Leyen warns that global disruptions and volatility are the “new normal,” with more geo-economic tensions on the horizon.
“2024 will be a decisive year, with more geo-economic tensions expected — from the Red Sea to the Taiwan Strait — which also means more frequent disruptions to supply chains and greater volatility on the energy markets,” she tells a climate conference in Hamburg.
“International competition is becoming harder. That is the new normal that we have to deal with.”
Industries in Europe have been severely hit by Russia’s war on Ukraine, which has disrupted supply chains and driven up energy prices, sparking sustained inflation.
The difficulties faced by businesses have been compounded by attacks on international shipping in the Red Sea by Iran-backed Houthi rebels in Yemen.
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From the Liveblog of
Friday, January 26, 2024
