Ukraine crisis will hit economy but EU is ready, officials say

European Commissioner for Economy Paolo Gentiloni speaks as he attends a Euro zone finance ministers meeting in Brussels, Belgium January 17, 2022. REUTERS/Yves Herman/File Photo

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PARIS, Feb 25 (Reuters) – Russia’s invasion of Ukraine will slow European economic growth this year through higher energy prices and lower business confidenceand to some extent trade, but the European Union is ready for it, top EU finance officials said on Friday.

“We know there will be economic costs. These costs will emerge over the coming weeks and months,” the chairman of euro zone finance ministers Paschal Donohoe said, adding that finance ministers will review fiscal plans in coming weeks to make sure they can support the economy if necessary. read more

“The impact will be different for different member states,” he told a news conference after a meeting of euro zone finance ministers and central bank…

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