Gentiloni: EU may avoid recession, have a more shallow contraction instead
[Reuters]
Latest economic data shows the European Union may avoid a recession that was expected earlier and have a more shallow contraction instead, European Economic Commissioner Paolo Gentiloni said on Monday.
“The economic situation is still uncertain. We had some encouraging news, we managed to reduce our energy dependence, energy prices went down significantly and inflation peaked last year in Europe,” Gentiloni told reporters.
“So there is a chance to avoid a deep recession and maybe to enter a more limited, shallow contraction,” he said on entering monthly talks of euro zone finance ministers.
[Reuters]
