Eurozone interest rates have skyrocketed amid high inflation and preposterous spending on its proxy war in Ukraine, the EU is edging closer to a devastating recession.

The chief of the European Central Bank (ECB) has warned that the economic outlook “is darkening” and that business activity could “slow substantially” in the coming months amid skyrocketing food and energy prices in the wake of the Ukraine war.

Prices in the euro zone soared with the inflation rate hitting a record high of 8.1% in May, the seventh consecutive month of record high inflation in the 19 countries that share the Euro.

European Union talks aimed at striking a deal a coronavirus aid plan enter a fourth day amid differences on how to repair Europe’s post-pandemic economy.

European Central Bank head Christine Lagarde urges European Union (EU) leaders to quickly agree on a recovery package that would pull the economy from a "dramatic fall" or risk a change in sentiment on markets.

The European Central Bank chief says the eurozone is grappling with unprecedented contraction in the aftermath of the new coronavirus’ outbreak.

The euro zone economy is likely to shrink between 8% and 12% this year as it struggles to overcome the impact of the coronavirus pandemic.