财政支持和货币警惕俄乌战争对欧盟经济政策的影响

Olivier J.Blanchard is the C.Fred Bergsten Senior Fellow at the Peterson Institute for International EconomicsJean Pisani-Ferry(jean.pisani-ferrybruegel.org)is a Senior Fellow at Bruegel,the Tommaso Padoa Schioppa chair at the European University Institute and a non-resident Senior Fellow at the Peterson Institute This Policy Contribution was previously published by the Peterson Institute for International Economics.The authors thank Thomas Belaich for research assistance,and Agns Bnassy-Qur,Steven Fries,Philip Lane,Elina Ribakova,Guntram Wolff and PIIE colleagues for their comments.Throughout this Policy Contribution,we take mid-April as the cutoff date for data.Executive summaryFor Europe,the war in Ukraine is a first-order economic shock.While the direct fiscal implications of taking care of refugees,increasing military spending and strengthening energy autonomy remain limited,the impact of elevated energy and food prices on national income and its distribution is potentially significant.This raises three macroeconomic challenges for policymakers:How best to use sanctions to deter Russia while limiting adverse effects on the EuropeanUnion economy:in this respect,it is important