EU commissioner Mairead McGuinness warns of ‘anxiety’ over European recession

Russia’s invasion of Ukraine has had a major negative impact on the continent’s economy

Mairead McGuinness, EU Commissioner for Financial services, financial stability and Capital Markets Union speaking at the second day of the Central Bank of Ireland’s Financial System Conference at the Aviva Stadium. Picture: Peter Houlihan/Coalesce

There is “anxiety” over a potential recession across Europe amid increasingly challenging economic conditions, EU Commissioner Mairead McGuinness has warned.

McGuinness, the Commissioner for Financial Services, Financial Stability and Capital Markets Union, said optimism had been “severely dented” by Russia’s illegal invasion of Ukraine in February.

This allied with a cycle of rate tightening by central banks in major economies had changed the global economic outlook, she added.

While the financial sector across the European ...