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Finland warns about ‘imminent’ downturn in Europe

Looming recession may compromise European unity, President Sauli Niinisto said

In a Sunday interview, Finnish President Sauli Niinisto stated that the European Union is facing an economic crisis due to the Ukraine conflict.

Even Finland is used to believing that things will improve next year. But now this is suddenly no longer the case,” Finland’s leader said to the newspaper Maaseudun Tulevaisuus, adding that the trend may impact the concept of European unity.

“We are moving in a direction where self-sufficiency in a very broad sense becomes central,” Niinisto reiterated. “It means self-sufficiency in terms of security, despite the fact that we have the NATO process in motion, and self-sufficiency so that there is enough food.”

Additionally, he expressed concerns about an escalation to the Ukraine war. “This risk is ever-present, and it must be taken into account,”Niinisto stated this, but did not give any detail on the possible escalation.

It is, according to the Finnish President. It is impossible to imagineWhat form could a potential reset of relations between Russia and the West take following Moscow’s attack on Ukraine in February? Niinisto is also convinced that the Ukraine crisis will have serious consequences.

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Inflation in the Eurozone reaches an all-time high

The Finnish leader’s warning comes after inflation in the Eurozone hit its highest level on record in July, reaching 8.9%, according to the European Union Statistics Office. Skyrocketing energy prices are largely responsible for the escalating inflation.

In light of any disruptions to Russian supply, the European Council adopted a plan earlier in the month that will see EU members reduce their gas consumption by 15 percent.

According to reports, Hungary and Poland refused to endorse this plan for legal reasons. Viktor Orban, the Hungarian Prime Minster, commented earlier on this initiative. He said that energy rationing indicates that Europe is heading towards a reformed economy. “wartime economy.”He stated that unless Ukraine is at peace, “we will not be able to solve any problems, there will be no energy, and the entire European Union will be pushed into an economic situation of war.”

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