European Commissioner for Economy Paolo Gentiloni said on Monday that, with energy prices dropping and inflation peaking, "there is a chance to avoid a deep recession and maybe to enter a more limited, shallow contraction." He added that the outcome will depend on global trends, but also on the European Union's policies and that he is "very optimistic" the bloc can limit the effect of the ongoing crisis.
Gentiloni said the EU must direct its efforts toward a number of goals, including implementing the Next Generation EU recovery plans, agreeing and coordinating on fiscal rules, as well as improving competitiveness and investment within the union.
