The economy of the European Union is resilient, but economic growth will be slower said Vice President of the European Commission Valdis Dombrovskis said on Tuesday according to Reuters. The EU is the first in line to take a hit from the Russo-Ukraine war given its high dependence on Russian fuel for energy supplies, he noted. EU countries should move towards prudent fiscal policies, he added, noting that the EU will temporarily remove trade tariffs on Ukraine.
Earlier in the day, Eurozone PMI data came in a little weaker than expected, though still indicated a decent level of growth in economic activity in May.
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