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MNI BRIEF: EU Urges States To Trim Spending As Recession Looms

(MNI) Brussels

A eurozone contraction looks increasingly likely at the end of 2022, EU officials say.

EU officials will make another bid to persuade member states to trim and better target their energy spending packages at Monday’s meeting of eurozone finance ministers despite what they said was a growing risk of economic contraction.

“The economic situation is not looking that good,” said one senior EU official. “There is an increased likelihood of a recession around the turn of the year.” (See MNI INTERVIEW: Deeper German Recession Despite Rescue Package)

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EU officials will make another bid to persuade member states to trim and better target their energy spending packages at Monday’s meeting of eurozone finance ministers despite what they said was a growing risk of economic contraction.

“The economic situation is not looking that good,” said one senior EU official. “There is an increased likelihood of a recession around the turn of the year.” (See MNI INTERVIEW: Deeper German Recession Despite Rescue Package)

Keep reading...Show less