PGIM Fixed Income Podcast Series, All the Credit: Episode 30
Sep 6, 2022
36 Minutes 32 Seconds
In a prior episode, we examined the broad economic implications of the European energy crisis as a result of Russia’s invasion of Ukraine and the related effects of the conflict. And with the winter season fast approaching, we wanted to provide an update on the region’s energy situation. We’ve called on Katharine Neiss, PhD, Chief European Economist, and Magdalena Polan, Lead Economist for major EM economies in Central EU and the Middle East, to summarize the current state of affairs in Europe, detail the current and possible alternative sources of energy for the region, and highlight the areas in which access or reliance on Russian oil and gas has ceased. The duo also hones in on key distinctions in the energy situation across Europe, provides their assessment of the region’s outlook for this winter and the next, and hypothesizes how the ongoing energy transformation might ultimately shape Europe. (Episode recorded on August 23, 2022.)
Highlights
3:10 What has changed since the invasion? What are the new sources of energy?
5:10 Which countries are cut off from Russian gas?
9:38 What is the outlook on a country-by-country basis?
13:28 What about the land-locked, Eastern European countries?
15:58 How will this affect the EU’s green transition?
19:07 How are ESG clients and strategies reacting?
20:57 Rationing… blackouts… what are the expectations?
22:57 What’s going on in the UK?
24:04 Who’s the first one to blink, Russia or the EU?
26:44 What are the scenarios for this winter and future winters? Could the situation get much worse? What can we expect from central bank policy response?
31:04 What is Europe going to look like in five years? Will it be more or less integrated?
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