04/25/2022 – The Ukraine war will go down as a serious turning point in European post-war history. After the Ukraine war, there is the threat of a cold war with Russia and closely allied states such as Belarus. The war divides the world community into two blocs: Governments that condemn Putin as the aggressor and those that openly support Russia or declare themselves neutral. The isolation of Russia sought by the West cannot be achieved as long as countries representing about half of the world’s population refuse to condemn Russia. Bloc formation has become a reality and underscores the trend toward deglobalization.

Read more in the Macroeconomic Comment by Peter von Elten.