In 2022，the Russia-Ukraine conflict became an important “new variable” affecting the European economic situation and economic policies. The conflict has disrupted the pace of European economic recovery from the COVID-19 pandemic，leading to a serious energy crisis in Europe，which has pushed up the inflation rate to the highest level since the 1980s. The energy crisis and high inflation have severely constrained economic activities such as consumption，investment，and exports. In addition，the impact of the sluggish global economic recovery has led to a significant weakening of the economic recovery momentum of the EU and the major European countries in 2022 compared to 2021. In 2022，the European Central Bank tightened monetary policy and raised interest rates several times in a row，which attracted wide international attention. At the same time，the EU and European countries introduced many relief measures for people’s livelihood，which to some extent slowed down the pace of improving public finance after the pandemic. In addition，in 2022，the implementation of the “Next Generation EU” recovery fund and the new progress of the EU in promoting green and digital “twin transitions” still deserve attention. Finally，this report also provides an outlook for the European economy in 2023.