Europe is moving away from reason to ideology. Because of social networks, says an economist.

Europe is moving away from reason to ideology. Because of social networks, says an economist.

We are experiencing the worst economic situation since the Velvet Revolution. "The high inflation is due not only to the war in Ukraine and high energy prices, but also to our governments, which solve all problems by handing out money," says Tomáš Havránek, the most cited Czech economist in the world according to international databases. "And in Europe, instead of ideology, we need rationality back," he adds.

What is the state of the Czech economy today?
We are in the worst situation we have ever found ourselves in as an independent Czech Republic. At the same time, this is not a classic economic crisis that should last for a long time. The downturn is mainly caused by high energy prices. Globally, however, the supply of energy has not decreased, and one day electricity and gas prices will return to their original figures. However, this may take several years.