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European economic affairs experts warn
The former PM of Italy said – the danger of recession is looming
The economy is deteriorating due to the war in Ukraine
Brussels: A top EU official warned on Wednesday that skyrocketing prices put the economy in a bad phase. The most dangerous is the danger of recession amidst record-breaking inflation. European Union economic affairs commissioner Paolo Gentiloni made this warning during a conference at Brugel, a think tank in Brussels. Bruegel is a think tank dedicated to policy research on economic issues.
Gentiloni said the uncertainty over Russia’s invasion of Ukraine remains “extraordinarily high” and the risk of a recession is rising. Paolo Gentiloni said that we are going through one of the most challenging winters. Employment in Europe remains strong and the supply chain problems posed by the coronavirus pandemic are beginning to be resolved. Importantly, the European economy performed better than expected in the second quarter of 2022, Gentiloni said. Gentiloni, the former Italian prime minister, said the “Russian war is on” and “many red lights are shining”. Energy prices have broken new records, inflation continues to rise and economic sentiment is deteriorating.
Faced with such challenges, Gentiloni urged EU countries to ‘intervene as necessary in the spirit of solidarity’. He said that ‘if we remain united… we can be sure that the coming months will be remembered not as the cold of our discontent, but as the harbinger of a new European spring.’
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Tags: economy, The European Union
First Published: September 07, 2022, 22:57 IST
