Aidan Regan: Following dated economic policies will give Putin what he wants

The usual way to dampen inflation is by rising interest rates but in a time of war, a different approach is needed

The Nord stream pipe line: EU members will need to work together to finance an integrated European-wide renewable energy system. Picture: Getty

It is impossible for the European Central Bank to design an effective monetary policy to address an inflationary shock caused by Vladimir Putin’s manipulation of the European energy market. What we really need is creative intervention by governments to cap energy prices.

Gas prices have increased by almost 1,000 per cent since Putin invaded Ukraine. These prices set the cost of electricity. Most households can now expect to pay €2,000 more on heating and electricity ...