EU harming itself by clinging to US

Europe is now heading toward a recession. European Central Bank President Christine Lagarde on Monday described the eurozone's economic outlook as "darkening", and expects business activity to "slow substantially" in the coming months as a result of skyrocketing prices, decreased spending power and the overall uncertainty caused by the Russia-Ukraine conflict.

Next year will "certainly" be "a difficult year" and the first three months of 2023"will most likely be negative, as we believe that the fourth quarter of 2022 will be negative as well", she said while addressing a hearing of the European Parliament's Economic and Monetary Affairs Committee.

The Organization for Economic Cooperation and Development has lowered its global economic growth forecast for 2023 from 2.8 percent to 2.2 percent, and also warned that many European countries could face a recession next year.