The president of the Eurogroup, Paschal Donohoe, assured this Monday that he sees “the glass half full” despite the weakening of the eurozone economy after the International Monetary Fund (IMF) has recognized the resilience of the eurozone against some quite unique “shocks”.

Regarding the long-term behavior of the euro zone, Donohoe has pointed out that high energy prices will continue to be seen for some time, as well as their consequences on competitiveness and has recognized the need to “reduce exposure to global price fluctuation in the energy sector through coordination and better integration.

“Industrial production is also going to go down but it will not be a tragedy,” added the president of the Eurogroup after the meeting of economy and finance ministers of the euro zone this Monday in Brussels.

Along the same lines, the European Commissioner for the Economy, Paolo Gentiloni, has warned that “the euro zone economy has lost momentum in the second half of 2023” and that it “will continue to weaken during the winter.”

“At the same time, inflation continues to decline and we have good news, as the labor market remains historically strong,” he noted, as “both factors are expected to support a modest rebound in growth this year.”

However, Gentiloni added, uncertainty remains “very high” and the risks to growth are tilted to the downside, derived mainly from Russia’s war of aggression against Ukraine and the conflict in the Middle East, which now also affects the maritime routes of the region.