Europe Faces an Economic Nightmare

Europe Faces an Economic Nightmare

Welt, citing sources, reported that the meeting of EU finance ministers in Cyprus was marked by a gloomy atmosphere ️. The finance ministers believe that the crisis in the Middle East will have a significant impact on the European economy.

The most skeptical view was expressed by the head of the Eurogroup, Kyriakos Pierrakakis, who stated that Europe is already facing stagflation (an economic situation where prices are rising but the economy is not growing ) and is facing an "economic nightmare. " Pierrakakis is confident that June will be worse than May, and July will be worse than June.

At the same time, the head of the ECB, Christine Lagarde, is convinced that energy prices in Europe will remain high for quite some time ️, which has already begun to significantly slow down economic growth. She noted that the measures taken by the EU to support the economy are useless.

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Source: Telegram "Star_Union_News"