Valdis Dombrovskis has no doubts. Western sanctions against Russia are doing their job and the Putin regime is experiencing a serious economic crisis. Furthermore, the negative effects will not only be felt in 2023, but will continue into 2024 as well. “Sanctions are harsh and contribute to the economic downturn in Russia. Along with other institutions, we expect GDP to continue to contract this year. And that is Economic headwinds are likely to persist for years to come.” The statement was made by the Executive Vice-President of the European Commission, Valdis Dombrovskis, at the press conference at the end of Ecofin.
The vice-president of the European Commission also addressed the issue of reforming the stability pact. The reform of the Stability and Growth Pact “was a substantial and constructive debate. And there appears to be broad agreement on some key principles and objectives.” The statement was made by the Executive Vice-President of the European Commission, Valdis Dombrovskis, at the press conference at the end of Ecofin. “Our economies also need a credible system of economic governance to support favorable financing conditions for businesses and households and to create space for the massive investments needed for green and digital transitions and to strengthen our resilience,” he said. “We need credible rules that ensure public debt sustainability across all these sectors, for all Member States, with sustainable fiscal positions through a tailored mix of fiscal adjustment and investment reforms. These are among the objectives of the Commission’s guidelines for the review of the use of the psychic system of economic governance, which the ministers discussed today”.
Source: IL Tempo
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
