"EU Economics Chief: Europe's Double Crisis Can Be Averted, Recession Avoidable"
Paolo Gentiloni, the European Commissioner for economic affairs, has stated that Europe is facing a "double crisis" due to the geopolitical impact of Russia's invasion of Ukraine and the subsequent economic hit to the continent. However, Gentiloni believes that Europe can avoid a recession, citing the region's ability to secure alternative energy supplies and provide relief to consumers facing high energy costs. The International Monetary Fund expects the euro area to grow at a rate of 0.8% this year and 1.4% in 2024. Gentiloni also highlighted the challenge of gaining energy independence, which has been costly for families and has fueled inflation.