EU’s Gentiloni: We’re in a period of economic contraction

European Commissioner for Economy Paolo Gentiloni said in a statement on Thursday, “we’re in a period of economic contraction.”

Further comments

“Contraction can be limited to two quarters.”

“A technical recession in Germany is uncertain.”

“China’s reopening means LNG prices are going up.”

“Real inflation challenge is adapting fiscal policy.”

“We need more flexible, enforceable EU fiscal rules.”

“Finding a fiscal rule accord in March is challenging.”

Market reaction

EUR/USD was last seen trading at 1.0817, up 0.25% on the day.