Plenty of ink has been spilt on how this crisis differs from the 2022 energy shock. And mostly, not in a good way.Cooler job markets, less government stimulus, and tighter monetary policy all make the economy more vulnerable. And that means inflation is less likely to take hold in the long term. But there’s one area that looks more positive: European savings. The savings ratio - the proportion of income not spent on goods and services – has been consistently above its pre-Covid average. Admittedly, not in the US. But in the eurozone, where this energy shock will be felt more acutely, it’s comparable to levels in ... (full story)