US: positive fourth-quarter economic development but historically low approval ratings for Joe Biden. Eurozone: Increased risk of temporary setbacks in growth dynamics due to Omicron. Inflation: higher-than-expected increase recently, but still a decline expected in 2022.

Chart of the month

Economics_Chart_0122_EN

Decarbonisation receives its price. In the EU, the rising prices for CO2 emission certificates can be partly explained by the current low gas inventories, which are leading to increased coal production and thus to higher demand for certificates. However, the price increase also shows that the markets are increasingly pricing in a stricter climate policy in the future, i.e. a progressive reduction in emission certificates issued by the EU. The companies affected will be tempted to pass on the resulting additional costs to consumers. From today's perspective, it is difficult to quantify how high this "greenflation" will be as a result.

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