The eurozone economy is set to shrink by 7.75 percent this year due to the coronavirus, a contraction overshadowing the worst of the financial crisis in 2009
The euro-area economy should bounce back next year with gross domestic product growing by 6.25 percent, the Commission added.
“Yet it can be mitigated through decisive, joint European action,” the Italian said. “We must rise to this challenge.” Gentiloni’s rallying call comes as President Ursula von der Leyen scrambles to propose to leaders a trillion-euro recovery fund that can revive the bloc’s economy.
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