The prevailing school of thought is that inflationary pressures will peter out once economies are past the post-COVID recovery and Europe will return to its decade-old pattern of low growth, low inflation and low interest rates. My view is that the pandemic has brought about changes in consumer behaviour and the political climate that, when combined with secular shifts that were already underway, will likely result in a shift to higher inflation in the range of 2% to 3% in Europe over the next few years.

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