ECB outlines threats to EU's fragile economy
Jerome Hughes
Press TV, Brussels
In so many words the European Central Bank chief has warned the eurozone is running out of options in terms how it could handle another global financial crash but that is not a shock because economists have been saying the same now for years.
Addressing legislators in the European Parliament, Brussels, Christine Lagarde singled out Coronavirus as an immediate threat.
Britains withdrawal from the EU creates all sorts of economic uncertainty for the 19-country eurozone and in turn for the entire 27-nation bloc. Lawmakers are also very concerned about Donald Trump.
There are fears the US president could trigger a trade war at any time. He is already blocking potentially highly beneficial economic activity between the EU and many non-EU countries. Economists say the 27-nation bloc could not survive another major financial crisis.
Even as things stand more than 20% of the EU's population, that's about 100 million people, are living on or below the poverty line, according to the bloc's Eurostat agency.
Eurostat also says the youth unemployment rate is running at more than 30% in Greece and Spain. In addition, it remains very high in Italy, France, Portugal, Sweden, Romania and Cyprus.
Twelve years on from the economic crash and EU governments are still failing to implement necessary reforms to education systems, experts point out.
But even in Germany, the EU's largest economy, there is a manufacturing recession. Economists are also concerned about the bloc's ageing population and the rise of anti-EU politics.
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