{"id":25019,"date":"2022-02-07T08:49:12","date_gmt":"2022-02-07T13:49:12","guid":{"rendered":"http:\/\/irishexaminerusa.com\/wp\/?p=25019"},"modified":"2022-02-07T08:49:16","modified_gmt":"2022-02-07T13:49:16","slug":"pandemic-threatened-economic-fabric-of-the-eu-says-donohoe","status":"publish","type":"post","link":"https:\/\/irishexaminerusa.com\/wp\/?p=25019","title":{"rendered":"Pandemic Threatened ‘Economic Fabric’ Of The EU Says Donohoe"},"content":{"rendered":"\n
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Minister for Finance Paschal Donohoe (PA Media)<\/em><\/figcaption><\/figure>\n\n\n\n

The coronavirus pandemic threatened the \u201cvery economic fabric of the European Union\u201d, Finance Minister Paschal Donohoe has said.<\/p>\n\n\n\n

Mr Donohoe praised the bloc for its handling of the challenge, which he said posed \u201cthe gravest of consequences for our future\u201d, and said the same spirit is needed to tackle the soaring cost of living.<\/p>\n\n\n\n

Mr Donohoe was speaking in his role as President of the Eurogroup on a discussion on the future of the eurozone in Madrid on Monday.<\/p>\n\n\n\n

He said it is important to look at the challenges of inflation and public debt in the context of what had been overcome during the pandemic.<\/p>\n\n\n\n

\u201cThat very broad perspective, for me, is a protection of employment and protection of income in the face of a deadly threat that our peoples have had to confront over the last two years\u201d he said.<\/p>\n\n\n\n

He said \u201cif you look at where we have stood at different points\u201d of the pandemic, officials \u201clooked at the possibility of the very economic fabric of the European Union\u201d coming under the most intense pressure \u2013 \u201cwith the gravest of consequences for our future\u201d.<\/p>\n\n\n\n

He said: \u201cAnd we responded to that challenge.<\/p>\n\n\n\n

\u201cWhile we do have new issues and new challenges that we have to overcome, I think as we debate those we should do it in the context of also acknowledging what we\u2019ve achieved over the last two years.\u201d<\/p>\n\n\n\n

Mr Donohoe said some measures taken during the pandemic would have been unthinkable before Covid emerged.<\/p>\n\n\n\n

\u201cThe recovery funds, concepts like that, would have nearly been impossible a few years ago. Now they\u2019re happening,\u201d he said.<\/p>\n\n\n\n

\u201cSo that\u2019s the spirit in which I look at the new challenges which we are now confronting.\u201d<\/p>\n\n\n\n

Mr Donohoe said he understands the frustration at the rising cost of living for people after a difficult two years, and said the EU must rise to the challenge.<\/p>\n\n\n\n

\u201cIn relation to where we are with inflation, I know for so many across Europe at the moment who have just worked through the trauma of maybe getting a job back, maybe keeping a business open, to now have to confront the change in the price of the standard of living is another challenge on the top of two years of lots of challenges,\u201d he said.<\/p>\n\n\n\n

\u201cBut, again, as policymakers, whether we\u2019re finance ministers or those in the central banking community, we really understand the challenge this poses for citizens and for our recovery.<\/p>\n\n\n\n

\u201cAnd that is why at a budgetary level we\u2019ve all taken steps to support citizens with this rising cost of energy in particular.<\/p>\n\n\n\n

\u201cAt the European Union, we are working together to see what we can do to better deal with these challenges in the future and to reduce some of the effects that we are discussing.\u201d<\/p>\n\n\n\n

He added: \u201cThere\u2019s many that thought we couldn\u2019t overcome the challenges of the last two years. They\u2019re not overcome yet but I think we\u2019ve done well.<\/p>\n\n\n\n

\u201cAnd that same spirit will guide us into the issues that you\u2019re raising there.\u201d<\/p>\n

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