Economics

EU Economy Chief Says Effective Energy Action Can Stop Recession

WATCH: EU energy ministers are looking at steps to prevent Russia’s gas supply cutoff from unleashing rationing, blackouts or even social unrest. Maria Tadeo reports.Source: Bloomberg

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By Alexander Weber, Carolynn Look, and Lenka Ponikelska

September 9, 2022 at 6:20 AM UTC

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Europe can avoid recession if officials in charge of monetary and fiscal policy can agree on effective measures to tackle soaring energy costs, according to European Union Economy Commissioner Paolo Gentiloni.

“We have the chance, if we work together, monetary policy and fiscal policy, and with the right package on energy now, to avoid recession,” Gentiloni told reporters before a meeting of EU finance ministers in Prague on Friday. “It’s a challenge, but it’s possible.”