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European expert warns amid record inflation, says – there’s a danger of a bigger recession



Strong points

An expert in European economic affairs warned
The former Italian prime minister said there was a risk of recession
The economy is deteriorating due to the war in Ukraine

Brussels: A senior European Union official warned on Wednesday that the economy had reached a bad phase due to soaring prices. Amid record inflation, there is a danger of the most dangerous recession of all time. European Union Economics Commissioner Paolo Gentiloni issued the warning during a conference at Bruegel, a think tank in Brussels. Bruegel is a think tank dedicated to policy research on economic issues.

Gentiloni said uncertainty remained “extraordinarily high” due to Russia’s invasion of Ukraine and the risk of recession was increasing. Paolo Gentiloni said that we are entering one of the most difficult winters. Employment in Europe is still strong and supply chain issues related to the coronavirus pandemic are beginning to be resolved. Importantly, the European economy beat expectations in the second quarter of 2022, Gentiloni said. Gentiloni, Italy’s former prime minister, said “the Russian war is on” and “many red warning lights are flashing”. Energy prices have broken new records, inflation continues to climb and the economic climate is deteriorating.

Faced with such challenges, Gentiloni urged EU countries to “intervene if necessary in a spirit of solidarity”. “If we remain united (…), we can be sure that the coming months will be remembered not as the winter of our discontent, but as the harbinger of a new European spring”, has he declared.

Tags: economy, European Union