Economic impact of war against Iran on the European Union
The new slogan being promoted at the European Parliament in Brussels is "Democracy in Action." Beside the entrance stands a makeshift homeless shelter.
Similar scenes can be found elsewhere around the parliamentary complex.
Inside, during discussions with European Central Bank President Christine Lagarde, some lawmakers acknowledged the economic impact of the illegal war against Iran.
There are a number of features which define the EU economy: stagflation, productivity problems, and others.
We're also involved in the Ukraine war and the recent conflict.
The impact is on our employees, while multinationals in arms, energy, and the banks are raking in the profits.
Lefteris Nikolaou-Alavanos, Greek MEP
Millions of businesses across the EU continue to struggle with high energy costs fueled by the failed war on Iran, with the burden ultimately passed on to hard-pressed consumers. Lagarde, however, remains cautiously optimistic.
There has been a significant impact of the announced memorandum of understanding between the United States and Iran.
Having said that, we are still significantly above pre-war levels by a range of about 30%, certainly on oil.
Christine Lagarde, European Central Bank President
Christine Lagarde has been very outspoken in condemning Russia over the war in Ukraine, but during her two hours here in the European Parliament, there was not a single word of criticism directed towards Israel or the United States with respect to their breaches of international law in Iran.
Analysts say it is a double standard that extends to almost every senior EU official and politician, seriously undermining the bloc's credibility.
Earlier this month, the ECB raised interest rates in an effort to curb inflation, increasing mortgage repayments for millions of people across the Eurozone.
What is happening in Europe, not only in Brussels, is very difficult to have good conditions of living because salaries are stagnating, and housing prices are skyrocketing.
Member of Public 01
Every day, we see a lot of poverty, a lot of homeless people; every day, it is like more and more we see them in the street.
Member of Public 02
Every crisis has also some ... wake up call and now you see that Europe realizes we cannot be dependent anymore on other countries, we need to be ... our own.
Member of Public 03
With energy prices still elevated and economic uncertainty lingering, EU policymakers are closely watching efforts to reduce tensions between the United States and Iran.
Many fear that a return to conflict could ultimately topple the Eurozone economy.
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