PARIS (Pakistan Point News / Sputnik - 24th August, 2022) French President Emmanuel Macron warns on Wednesday that the economic consequences of Ukrainian conflict and other global crises could trigger the end of "the period of abundance."
"What we are going through is a big shift or a great upheaval," Macron said at the first cabinet meeting at the Elysee Palace after the government's summer holidays, which was broadcast by BFMTV, adding that "in fact, what we are experiencing can be considered the end of the period of abundance."
The president warned that the French should brace for the economic consequences of the ongoing crises, such as shortages of certain products and technological materials, that seemed always available, due to the instability triggered by the Ukraine conflict and the climate crisis exacerbated by drought and wildfires in Europe.
Touching upon the situation around Ukraine, Macron said that "our system based on freedom has a cost, which may require making sacrifices," with reference to coming fall and winter, that may give France a difficult time due to the risk of energy shortages and high prices.
Currently, the world is facing a series of serious crises. Russia launched a military operation in Ukraine on February 24 after the breakaway republics of Donetsk and Luhansk appealed for help in fighting Ukrainian forces. The conflict and Western sanctions introduced against Moscow resulted in skyrocketing energy and food prices in Europe and the United States. Apart from that, many European countries have been experiencing extremely high temperatures in the past several months. Some countries have been impacted by unprecedented droughts, while others are dealing with massive wildfires that engulf thousands of acres of land, forcing thousands of European citizens to displace.
