War in Ukraine: Girard fears for inflation

The uncertainty caused by the Russian invasion of Ukraine will contribute to increasing inflation, regrets the Legault government, which promises to support “100%” the economic sanctions which will be imposed by Canada.

• Read also: Canada condemns Russia’s attack on Ukraine

• Read also: Follow all the developments of the Russian invasion

“What happened that night, […] what Vladimir Poutine did, it is absolutely appalling”, commented the Minister of International Relations, Nadine Girault.

“He disguised a war as a mission of peace, that’s exactly what he did,” she continued, recalling that the principle of sovereignty is a fundamental value.

Like M.me Girault, Premier François Legault stressed that Quebec is “wholeheartedly” with the Ukrainian people.

“We woke up to horrible images of a new war in Europe this morning. We hoped never to see that again, ”lamented the Prime Minister at the start of the day. In a Facebook post, Mr. Legault promised that Quebec will do “its part” to welcome refugees from Ukraine.

“100%” behind possible sanctions

Mme Girault signaled that Quebec will support “100%” any measure taken by Ottawa in response. “There will be economic sanctions,” believes the Minister of International Relations.

“It is certain that the developments, in the last hours, are worrying”, commented for his part the Minister of Finance, Eric Girard.

“Because Russia is a major energy producer, well it increases energy prices, it increases energy prices, it creates inflation and it could slow down the world economy,” he said. predicted the Minister.

“It’s not good news,” reacted in turn the Minister of the Economy, Pierre Fitzgibbon, hastening to reassure Quebec companies that could depend on trade relations with Russia or Ukraine.

“We will be there. (…) We will support them. We did it in the lumber, we did it in all the conflicts, ”he hammered.

China, a “key element”

It also remains to be seen what the reaction of China will be. This will be a “key element” for the future, according to Liberal MP and former finance minister Carlos Leitao. According to him, Eric Girard will have no choice but to rewrite part of the budget that he must submit in a month.

“At a minimum, I think, in the next budget, there should be a very, very large contingency margin, (of) a few billion dollars,” Leitao suggested.

“All of this will bring us into a situation of inflation (of) much more than 5%. Central banks will raise rates,” predicts the economist.

what they said

“This Russian attack on Ukraine is also a frontal attack on all democracies. Our hearts go out to the Ukrainian community. Everything must be done to stop this invasion. »

– Dominique Anglade, Leader of the Quebec Liberal Party

“An aggression like that of a sovereign country, of a democratic state, is unprecedented. It’s unprecedented for my generation, it’s unprecedented since the Second World War in Europe, and it’s extremely worrying and it’s, of course, inadmissible. »

War in Ukraine: Girard fears for inflation

Photo archives, Stevens Leblanc

– Gabriel Nadeau-Dubois, parliamentary leader of Québec solidaire

“This is a dark day for Western democracy. (…) An attack, an invasion, in fact, of the government of Vladimir Putin towards a sovereign Ukraine which feared this attack. The worst-case scenario has occurred, with attacks even in the capital. »

– Joël Arseneau, parliamentary leader of the Parti Québécois



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