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Euro-Area Recession Still Avoidable, Eurogroup’s Donohoe Says

·1 min read

(Bloomberg) -- A recession in the euro area is a risk, but it can be avoided with the right support and budgetary policy, according to Paschal Donohoe, who runs the meetings of finance ministers in the common currency area.

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While energy shocks and security developments could impact economic performance, the group is implementing measures to support countries in need, Donohoe said in an interview with Bloomberg Television on Friday.

A coordinated budgetary approach for 2023 means it can “put in place other sources of economic momentum to help us offset some of the challenges that we now know are coming,” he added.

Even so, Donohoe, who is also the finance minister for Ireland, said EU borrowing will be lower next year and steps to tackle the rising cost of living will be “more targeted” than the broad measures used during the Covid-19 pandemic. He has “absolute confidence” in the European Central Bank and ministers to manage market pressures, he said.

“I’m absolutely confident that the right measures can be put in place to secure, to protect the euro area as we respond back to the developments that are taking place,” Donohoe said.

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