Nearly a quarter of the leaders on the 2022 Forbes List Of The World’s Most Powerful Women play a major role in politics and policy at a time when rising inflation, supply chain disruptions, and a looming climate crisis threaten geopolitical stability. And while women remain vastly underrepresented throughout all levels of government, their combined political might continues to have an outsized impact on the world stage. Collectively, these women directly oversee or influence nearly 3 billion people and over half of the world’s GDP. But the dynamics of political power are shifting as leaders must adapt to growing unrest and increasing threats to democracy.

In the wake of Russia’s invasion of Ukraine, Europe faces an energy crisis that has the potential to weaken its economic position for years to come. Yet, the EU stands more united than ever in its steadfast resolve to uphold democracy. For that reason, European Commission President Ursula von der Leyen tops this year’s list, closely followed by European Central Bank President Christine Lagarde. Both women must balance continued support of Ukraine while curbing rising inflation and energy costs. The continent stands at a critical juncture as efforts to disrupt funding for Russia’s war machine will continue to put a severe economic squeeze on member states.