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Welcome to Tuesday, Europe. Here's the latest news and analysis from Bloomberg Economics to help you start the day:
- The combined impact of war in Europe and lockdowns in China would mean a year of lower growth, higher inflation and elevated uncertainty in the global economy, according to Bloomberg Economics
- The U.K. government has dropped an immediate call for property developers to contribute to a 4 billion-pound-fund ($5.2 billion) to fix dangerous cladding, instead asking them to “formally pledge” to cover the costs for their own buildings
- The U.K.'s food and drink industry is suffering more from soaring energy and raw material costs than any other business group, according to the Office for National Statistics
- Denmark's economy may grow much faster this year than envisaged by the Nordic country's authorities, Danske Bank forecast, while highlighting the risk of a rapid slowdown
- Romania will probably lift borrowing costs for the fifth time in a row as it races to tame the fastest inflation in 14 years even as risks tied to the war next door in Ukraine continue to pile pressure on the economy
- Dutch Finance Minister Sigrid Kaag said she'd favor prolonging the suspension of the European Union's fiscal rules, citing the fallout of the war in Ukraine on the bloc's economy
- The U.S. Treasury has halted dollar debt payments from Russian government accounts at U.S. banks, increasing pressure on Moscow to find alternative funding sources to pay bond investors
- The World Bank has lowered its growth forecasts for East Asia and the Pacific to 5% from 5.4% forecast in October, and warned growth could slow to 4% if conditions weaken further
- Bank of Japan Governor Haruhiko Kuroda weighed in with his strongest remarks on the yen in recent days, in an apparent bid to slow down movement in Japan's weakening currency and its impact on a fragile economy
- P. Nandalal Weerasinghe, a career central banker, was appointed to head Sri Lanka's monetary authority as the government seeks to pull the South Asian nation out of an economic tailspin
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