EU presidency’s finance minister more concerned about economic slowdown


Portuguese Finance Minister Fernando Teixeira dos Santos said on Monday he is more concerned about the economic slowdown than inflation in the euro zone.

„I am more concerned with the slowdown in our economies. I think about inflation we have to wait and see whether this is just a peak in the data or if it is something more permanent. It is too early to assess,” said dos Santos, whose country holds the rotating presidency of the European Union. Economic prospects for the euro zone were markedly dampened by the ongoing turbulence on the financial markets, triggered by the sub-prime mortgage crisis in the United States in August, as credit conditions have significantly tightened, which makes borrowing more difficult. Investors’ confidence was also undermined due to the lingering uncertainty over the scale and location of losses. „We still have some losses to present when accounts come out and we know that there are some uncertainties in the extent of the losses to be reported,” dos Santos said.

Meanwhile, official figures from the EU showed annual inflation in the euro zone jumped to 3% in November, the six-year high since the circulation of euro in 2002, due to hiking oil and food prices. Economic slowdown and rising prices threw the European Central Bank into a difficult situation as to whether to raise its interest rate to curb inflation or leave it unchanged to support growth. (


Sharp Rise in Energy Costs Putting Strain on Competitiveness Analysis

Sharp Rise in Energy Costs Putting Strain on Competitiveness

Parl't approves 2023 budget Parliament

Parl't approves 2023 budget

Danubius Hotels Appoints Group Director of Development Appointments

Danubius Hotels Appoints Group Director of Development

3 Downtown Districts Planning to Introduce 30 km/h Speed Lim... City

3 Downtown Districts Planning to Introduce 30 km/h Speed Lim...


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.