Eurogroup President Paschal Donohoe said that the finance ministers of the euro zone discussed the consequences of the Russian invasion of Ukraine on the euro area economy, and they saw significant challenges. This was reported by The Xinhua News Agency.
Addressing a news conference following a Eurogroup meeting in Luxemburg, Donohoe said the growth of European economies will slow down this year due to the Russian aggression, although "we continue to see positive growth in 2022 for many economies".
"The trade policy must therefore remain flexible", – he added.
"It was still too early to assess the effect of the Russian aggression on the economy", – European Commissioner for Economy Paolo Gentiloni said.
Gentiloni also said that he did not believe that EU economies would go into recession, thanks to a year of positive growth last year.
Asked about the possibility of a gas embargo on Russia, Gentiloni said that they know any sanctions would have impacts on the European economy.
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