LOC19:26
16:26 GMT
BRUSSELS, March 14 (KUNA) — The economic situation in Europe is no longer in downturn, but has recovered to pre-pandemic levels, according to European Commission Executive Vice-President Valdis Dombrovskis.
“We have got through the intensive first phase of the energy crisis. The European economy is no longer in severe downturn.
It has recovered beyond its pre-pandemic level,” he told a press conference after a meeting of EU Economic and Finance Ministers in Brussels Tuesday.
“For the more positive economic outlook to remain valid, we rely on energy prices, particularly gas, staying low and not rising again,” he said.
Dombrovskis noted that gas prices are now much lower, fluctuating around the same level as in autumn 2021.
One year after Russia began its war against Ukraine, Europe has managed to diversify its energy sources and suppliers and largely reduced its dependence on Russian gas, he said.
“Along with capacity building, high storage and a mild winter, this has relieved pressure on EU energy prices,” said Dombrovskis who is in charge of the portfolio ‘an Economy that Works for People.
Meanwhile, an EU statement said the ministers exchanged views on the economic and financial impact of Russia’s aggression against Ukraine. It focused in particular on energy-related financial market aspects.
Further, they approved guidelines for the 2024 EU budget. The approved guidelines will provide political guidance to the European Commission in preparing the budget for next year. (end)
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