The Limited Times

Now you can see non-English news...

Gentiloni, the impact of the war will be significant on the EU economy

2022-03-18T11:21:37.521Z


The European Commissioner for Economic Affairs announces that next week the Commission will publish the new temporary scheme for derogation from state aid, aimed at companies affected by the Ukrainian crisis (ANSA)


From the crisis in Ukraine and the sanctions decided by the EU

, "the impact on the European economy is significant"

.

This was stated by the European Commissioner for Economic Affairs

Paolo Gentiloni

at the hearing of the joint budget and EU policies commissions in the Chamber.

"We are not able to quantify it in a serious and reliable way", Gentiloni pointed out, recalling yesterday's estimate of a 1.4% growth loss given by the OECD with a loss of "more than a third of the growth" they had predicted. .

As for the Russian sanctions

chapter

, Gentiloni specified that

"the path is not closed"

.

"From the point of view of the European Commission, the principle is that nothing is off the table in principle - he said -. But we must modulate the sanctions taking into account that it is a question of using methods that damage the Russian economy more than they can damage the country. 'European economy ".

The commissioner also announced that

"the commission will publish next week the new temporary scheme of derogation from state aid

which, as happened in the case of the pandemic, will allow the most exposed companies to be supported with public finances because they have activities closely linked to Russia and the 'Ukraine "either because" they are energy-intensive companies "or" are particularly affected by the price increase of some of some commodities ".

"It will be a scheme of derogation from the rules on state aid obviously more limited than the one for the pandemic and aimed at companies particularly affected".

According to Gentiloni, the message that must come from the European Commission and the European governments is a message that "absolutely does not take for granted a prospect of stagnation and therefore of total reduction of that prospect of growth that was outlined up until the beginning of this" year".

"By adopting the right measures in a coordinated way at European level - he added - we can certainly preserve a significant level of growth, albeit lower than what we had foreseen despite the tragedy of this war".

Finally,

on the safeguard clause

that suspends the rules of the Stability Pact and was expected to run out at the end of this year, an evaluation will be made - Gentiloni says - "We will decide by May whether or not to confirm the initial decision to have this clause concluded. safeguard at the end of 2022. It is clear that

in a context of crisis it is possible that this clause will be "extended. 


Source: ansa

All life articles on 2022-03-18

You may like

News/Politics 2024-02-15T11:13:58.028Z

Trends 24h

Life/Entertain 2024-03-28T17:17:20.523Z

Latest

© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.