NICE (France), Sept 11: Averting a recession in Europe will be the burning issue for EU finance chiefs meeting on Friday and Saturday on the French Riviera as the euro and stocks tumble on fears of a downturn.

Amid growing evidence that a US-born financial crisis is hurting Europe, recession jitters are mounting, weighing on the euro and European stocks.

“This turmoil has posed serious and far-reaching challenges to the financial industry and our economies,” EU Economic Affairs Commissioner Joaquin Almunia said on the eve of a meeting of finance ministers and central bankers in Nice, southern France.

Heightened concerns that Europe faces a serious risk of recession sapped investor sentiment on stock markets on Thursday and saw the euro strike a one-year low of 1.3893 dollars while oil prices tumbled to six-month low points below 98 dollars a barrel.

Bank of France governor and European Central Bank board member Christian Noyer said that although Europe’s banks were strong in the face of the current turbulence, risks to stability in the sector remain.

—AFP

Opinion

Editorial

Lingering concerns
19 Sep, 2024

Lingering concerns

Embarrassed after failing to muster numbers during the high-stakes drama that played out all weekend, the govt will need time to regroup.
Pager explosions
Updated 19 Sep, 2024

Pager explosions

This dangerous brinkmanship is likely to drag the region — and the global economy — into a vortex of violence and instability.
Losing to China
19 Sep, 2024

Losing to China

AT a time when they should have stepped up, a sense of complacency seemed to have descended on the Pakistan hockey...
Parliament’s place
Updated 17 Sep, 2024

Parliament’s place

Efforts to restore parliament’s sanctity must rise above all political differences and legislative activities must be open to scrutiny and debate.
Afghan policy flux
Updated 18 Sep, 2024

Afghan policy flux

A fresh approach is needed, where Pakistan’s security is prioritised and decision taken to improve ties. Afghan Taliban also need to respond in kind.
HIV/AIDS outbreak
17 Sep, 2024

HIV/AIDS outbreak

MULTIPLE factors — the government’s inability to put its people first, a rickety health infrastructure, and...