The European Union is bracing for a recession in the wake of skyrocketing gas prices and soaring inflation, as the coming winter is likely to be "one of the worst in history," according to a top EU official.

The European Central Bank has confirmed its intention to hike interest rates at the policy meeting next month. The move is aimed at bringing down soaring prices across the eurozone.

Prices in the euro zone soared with the inflation rate hitting a record high of 8.1% in May, the seventh consecutive month of record high inflation in the 19 countries that share the Euro.

The European Central Bank has called on the bloc's leaders to quickly reach agreement on a 750 billion euro stimulus package.

European Central Bank head Christine Lagarde urges European Union (EU) leaders to quickly agree on a recovery package that would pull the economy from a "dramatic fall" or risk a change in sentiment on markets.

The European Central Bank chief says the eurozone is grappling with unprecedented contraction in the aftermath of the new coronavirus’ outbreak.

European Central Bank President says major threats face the EU's economy, the newest of which is the Coronavirus.