Our Quarterly Reports on the international economic situation begin at a rather challenging time. The heritage of the imbalances introduced into the global economic system derived by the COVID-19 pandemic, a highly adverse geopolitical situation and the ultra-expansionary (probably too-expansionary) macroeconomic policy response to the last two recessions place the international economy, and especially the West, in a series of serious difficulties. Inflation rates unprecedented in almost half a century, continued disruptions in global value chains, the need to reverse (but not too much, in intensity and temporality, to avoid a significant recession) current monetary and fiscal policies, and the dilemma of whether (and how) globalisation should be reconsidered, not only for reasons of efficiency (not in terms of cost, but of greater security of supply, at least of certain strategic goods - and raw materials) but also for geopolitical reasons.