After Covid-19, the war in Ukraine is the second “black swan” for the global economy in less than three years. High inflation, skyrocketing energy and commodity prices, trade frictions and supply chain disruptions could bring about a “perfect storm” that would jeopardize recovery prospects. Which monetary and fiscal policies would be most appropriate to respond to these new challenges? How to strike a balance between the need to fight inflation and the imperative to avoid a new recession? In which ways could the looming food crisis affect the global economy, in particular for developing countries? And, ultimately, is globalization as we know it really coming to an end?