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This is CBSI in the world. I'm John Batsworth, my colleague Joseph Sternberg, politically

economics columnist for the Wall Street Journal. You remember the editorial board? He's in London

observing America, visiting America, puzzling about America's we all do, as we go into

a recession that may or may not be here. I believe the consensus, the overwhelming consensus

is recession is coming. It's been coming for some time. So I'm not going to debate that.

I'm going to go to, are we well prepared? Is Europe well prepared? I believe Christine

LeGard, the president, the leader of the European Central Bank, is of the same mind as Jerome

Powell of the Federal Reserve, Andrew Bailey of the Bank of England, all raising rates

and anticipation of recession. So the first frequently asked question is, is it working?

Do we have any evidence that it's working either in London or on the continent or in America?

Have you got a verdict, Joe? Open the envelope, please.

Oh, I mean, if the question is, are we successfully fighting inflation? I mean, for now, I think

the answer is still no. Because the inflation is still there. We can't say how long it is

going to persist. It really isn't clear even that a lot of the central banks or other

policy makers understand what they need to do to keep inflation under control, let alone

to achieve that with as mild a recession as possible.

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