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The impact that the sanctions on Russia will have on the EU economies “is the price that must be paid to defend freedom”: these are the words of the number two of the EU Commission, Valdis Dombrovskis. The Commissioner for Economic Affairs, Paolo Gentiloni, on the other hand said the forecast of a growth of 4% “is no longer realistic”.
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The sanctions on Russia they will also affect the European economies, needless to deny it. This was stated by the EU Commissioner for Economic Affairs, Paolo Gentiloni, who today participated in the meeting of the finance ministers of the Euro area on the budget guidelines for 2023. Coming to theEurogroup the former prime minister, while certainly not showing optimism for the current economic situation, nevertheless said: “It will not be an insignificant impact, but we can reduce it if we react strongly as we did during the Covid crisis.“.
In short, the boomerang effect of the measures against Russia will be there and will affect both citizens and businesses among theincrease in the price of energy and that of costs due to the difficulties in finding raw materials. All factors which, added Gentiloni, “they will certainly have a slowing effect on growth forecasts“. The 4% growth forecast for the European economy,”it is no longer realistic“, the EU commissioner stressed again.
The vice-president of the EU Commission, Valdis Dombrovskis, continued for his part that a “mitigation“, but doing in the present tense that”and the price that must be paid to defend freedom“. In the same vein, the president of the Eurogroup, Paschal Donohoe, so”the economic effects of this war across Europe are not comparable to the human suffering of millions of Ukrainians at the moment“. Given the difficult economic situation that the Eurozone is facing, EU ministers also discussed the possibility of extending the safeguard clause that suspended the Stability Pact in the pandemic beyond 2022. The prolonged economic uncertainty forces a review the planned decommissioning in 2023.
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Meanwhile, while the fourth package of sanctions was approved, the Eurogroup discussed the possibility of applying, in the wake of the United States and the United Kingdom, theembargo on gas and oil from Russia. For the German Finance Minister Christian Lindner, this “it is not yet the right time to decide” And “we must seriously consider which means are putting pressure on Putin and which ones could harm us the most“.