Euro zone finance ministers said on Monday the fight against inflation was the current priority despite dwindling growth in the bloc, as they were informed of a deteriorating economic outlook by the European Commission, APA reports citing Reuters.
At a regular monthly meeting of the so-called Eurogroup, the EU executive gave an update of its economic forecasts, showing slower growth and higher inflation, the commission's vice-president Valdis Dombrovskis said on the sidelines of the meeting.
"One can expect some downwards revisions, even more so for next year," Dombrovskis said, adding that growth remained resilient.
He said "inflation is going to be revised upwards", anticipating the substance of the Commission's forecasts, due to be unveiled on Thursday.
Economics commissioner Paolo Gentiloni warned that risks to the economy were increasing as Russia could cut its gas supplies to Europe. He added Brussels could adopt a number of measures to reduce inflationary pressure from gas imports, including price caps, although no decision had been made on that yet.
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