The European Union (EU) held an informal finance ministers’ board meeting in Paris on the 25th, due to factors such as rising energy prices and declining corporate confidence following Russia’s invasion of Ukraine. He acknowledged that Europe’s economic growth could slow this year.
“Economic costs will materialize in the coming weeks and months,” said Donahu, chairman of the Eurogroup Finance Ministers, at a press conference. “European countries will be affected differently.” However, the European Finance Minister said he would review the fiscal plan as needed to support the economy.
EU leaders decided to introduce additional sanctions on Russia’s financial, energy and transportation sectors following Russia’s invasion of Ukraine on the 24th. In this regard, European Central Bank (ECB) Governor Christine Lagarde said the main impact of Russia’s invasion of Ukraine was rising energy prices and lower corporate and consumer confidence due to increased uncertainty. Expected to spread in the form of. However, the trade between the euro area and Russia is not so large, so the impact through trade will not increase, he said.
“This crisis weighs on EU economic growth, but growth will not stop,” the Commission said, saying that the situation is changing every moment. We are tentatively evaluating it. “