European Union officials on Monday said that the bloc's economy could contract this winter amid increased spending to ward off the effects of a severe energy crisis caused by the war in Ukraine and soaring inflation.
“The economy is slowing down and contraction is coming for at least the winter months,” European Economy Commissioner Paolo Gentiloni told reporters before a meeting of eurozone finance ministers in Brussels.
Inflation in the euro area has climbed to 10.7 per cent, he later said at a press conference.
Chief economist at the European Stability Mechanism Rolf Strauch warned of “a risk of a recession”, saying financial markets are concerned about the eurozone’s ability to bring down inflation on the one hand and sustain growth on the other.
Eurozone countries have spent about €200 billion, or 1.25 per cent of eurozone gross domestic product, to mitigate the impact of the energy crisis and support vulnerable households and businesses.
But such fiscal expansion also adds to inflationary pressures.
The commission recommends targeted support packages instead of broad-based fiscal stimulus. So far, only 30 per cent of measures taken by member states this year have been targeted.
“I think we can make further progress despite the fact that we are aware that targeting is not always easy politically and technically, especially if you have to react quickly,” said Mr Gentiloni, who added that targeting “could improve in the coming months”.
Ireland’s Finance Minister Paschal Donohoe — who heads the group of eurozone finance ministers, or Eurogroup — said that the latest figure for growth in 2023 in the euro area is at 0.5 per cent. It was at 2.7 per cent before Russia’s invasion of Ukraine in February of this year.
The commission on Friday will present its autumn economic forecast which will confirm the weakening of Europe’s economy and continued high inflation, said Commission Executive Vice President Valdis Dombrovskis.
“We hope that inflation will go on a downwards path because energy prices have peaked,” he said.
Europe’s high energy costs have reduced the competitiveness of European companies, and the finance ministers said they feared that the recent US stimulus package — the Inflation Reduction Act — would further harm industry.
The Inflation Reduction Act will involve vast spending on green energy initiatives and include tax breaks for buying US-made electric cars and batteries.
Speaking as he arrived to the Eurogroup meeting, French Economy Minister Bruno Le Maire lambasted the US policy, saying that the massive subsidies were harming competition laws.
“We are under double pressure,” said Mr Le Maire.
“On one side, you have all the subsidies that might be provided by American companies on the US soil. On the other side, you have the fact that the energy prices in Europe are far more expensive than the ones you have in the US.
“This double effect could be very detrimental for the European industry.”
In an interview with several European media outlets published on Friday, Mr Le Maire said he has not ruled out making a complaint to the World Trade Organisation over the issue.
Germany’s Finance Minister Christian Lindner echoed Mr Le Maire’s concerns and said it might be time to consider a new transatlantic free trade agreement.
“We have to inform the US side about our serious concerns,” he said.
German Chancellor Olaf Scholz said last month that the US measures could trigger “a huge tariff war”.
The%20specs
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French Touch
Carla Bruni
(Verve)
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Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
UAE currency: the story behind the money in your pockets
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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Gran Gala del Calcio 2019 winners
Best Player: Cristiano Ronaldo (Juventus)
Best Coach: Gian Piero Gasperini (Atalanta)
Best Referee: Gianluca Rocchi
Best Goal: Fabio Quagliarella (Sampdoria vs Napoli)
Best Team: Atalanta
Best XI: Samir Handanovic (Inter); Aleksandar Kolarov (Roma), Giorgio Chiellini (Juventus), Kalidou Koulibaly (Napoli), Joao Cancelo (Juventus*); Miralem Pjanic (Juventus), Josip Ilicic (Atalanta), Nicolo Barella (Cagliari*); Fabio Quagliarella (Sampdoria), Cristiano Ronaldo (Juventus), Duvan Zapata (Atalanta)
Serie B Best Young Player: Sandro Tonali (Brescia)
Best Women’s Goal: Thaisa (Milan vs Juventus)
Best Women’s Player: Manuela Giugliano (Milan)
Best Women’s XI: Laura Giuliani (Milan); Alia Guagni (Fiorentina), Sara Gama (Juventus), Cecilia Salvai (Juventus), Elisa Bartoli (Roma); Aurora Galli (Juventus), Manuela Giugliano (Roma), Valentina Cernoia (Juventus); Valentina Giacinti (Milan), Ilaria Mauro (Fiorentina), Barbara Bonansea (Juventus)
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Roll of honour
Who has won what so far in the West Asia Premiership season?
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles
West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles
Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens
Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins
More from Neighbourhood Watch:
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Eyasses squad
Charlie Preston (captain) – goal shooter/ goalkeeper (Dubai College)
Arushi Holt (vice-captain) – wing defence / centre (Jumeriah English Speaking School)
Olivia Petricola (vice-captain) – centre / wing attack (Dubai English Speaking College)
Isabel Affley – goalkeeper / goal defence (Dubai English Speaking College)
Jemma Eley – goal attack / wing attack (Dubai College)
Alana Farrell-Morton – centre / wing / defence / wing attack (Nord Anglia International School)
Molly Fuller – goal attack / wing attack (Dubai College)
Caitlin Gowdy – goal defence / wing defence (Dubai English Speaking College)
Noorulain Hussain – goal defence / wing defence (Dubai College)
Zahra Hussain-Gillani – goal defence / goalkeeper (British School Al Khubairat)
Claire Janssen – goal shooter / goal attack (Jumeriah English Speaking School)
Eliza Petricola – wing attack / centre (Dubai English Speaking College)
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
The Lowdown
Kesari
Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
Cast: Akshay Kumar, Parineeti Chopra
Company%C2%A0profile
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New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
