The dismal economic outlook for the Eurozone, including record inflation brought on by skyrocketing energy prices, will be discussed at a meeting of finance ministers scheduled for Monday in Brussels.
Inflation in the eurozone reached a new record high of 10.7% in October, marking the start of the single currency.
Compared to the previous year, the price of energy increased by 41.9%, according to data from the European Commission.
According to Christine Lagarde, president of the European Central Bank (ECB), there is now a higher chance that one of the 19 eurozone members could experience a recession in the near future.
The measures implemented by the various EU member states to combat excessive prices will be discussed, as well as how to coordinate future actions without escalating inflation.
Ministers would also hear the commission’s first assessment of their national budget plans for 2023 and the expected impact of the different aid measures.
The meeting would also allow new Italian Finance Minister Giancarlo Giorgetti to meet his counterparts.
On Tuesday, finance ministers of all 27 EU member states would discuss financial support for Ukraine in Brussels and the reform of the bloc’s joint budget rules, among other topics.
(dpa/NAN)