European Commissioner for Financial Services Mairead McGuinness said on Thursday that Europe is still "very vulnerable" having in consideration its decades long reliance on fossil fuels and underlined that the region remains focused at avoiding "financial instability."
"We are not out of the woods yet," McGuinness told CNBC on the sidelines of the World Economic Forum in Davos, adding that the things are "not as bad" as the Commission's previously forecasted pessimistic outlook for this year indicated. She asserted that Europe continues to experience financial turmoil as a result of supply bottlenecks, the conflict in Ukraine, the energy crisis, and the pandemic, adding that the region must be "vigilant" on these issues.
McGuinness also praised the United States' Inflation Reduction Act for investing in "sustainable future," but drew the attention the negative effects of it in Europe, urging the region to support its companies "to stay in the game."
