European Economic Crisis: Assess Your Supply Chain Risks

Europe is spiralling into a recession as the European Central Bank made its largest-ever interest rate increase on September 14th, following the U.S Federal Reserve and other central banks in the pursuit to help combat inflation that has been impacting consumers. Extreme drought coupled with heat waves and soaring energy prices have resulted in rolling blackouts, factory closures, and reduced production of industrial activities in the automotive and manufacturing sectors, among others. If the crisis continues, companies in energy-intensive industries may leave Europe. Additionally, pressure from the streets has caused protests in Germany, Italy, the Czech Republic, and the UK against rising prices which are disrupting shipping and transportation.