This year, 8 May, Victory in Europe Day, celebrating the end of the Second World War, was more symbolic than ever. The Russian invasion of Ukraine triggered a serious humanitarian crisis. The consequences of the war are being felt around the world. But what impact does the war in Ukraine have on the economy? This was discussed by U.S. Consul General Norman Thatcher Scharpf and ZEW President Professor Achim Wambach on 10 May 2022 as part of the digital event series #ZEWlive. The event was moderated by journalist Jessica Sturmberg.