In the European Union, inflation is rising sharply, and economic growth prospects are deteriorating

These forecasts were announced by the finance ministers of the eurozone countries at a meeting held in Brussels on Monday.

The representative of the Netherlands informed his colleagues that, against the background of the situation around Russia and Ukraine, it was caused primarily by the increase in fuel and food prices.

The ministers also noted that the risk of natural gas shortages will increase if Russia sharply reduces or stops gas supplies this coming winter.

According to Brussels estimates, inflation has increased by 42 percent due to higher energy prices. The Eurogroup is also concerned that the common currency is losing value against the dollar. The exchange rate index reached parity for the first time in the last 20 years.

A Spanish member of the European Parliament believes that it is time for the European Central Bank to act boldly.

Finance ministers say the main concern in the eurozone could be a recession. If economic growth stagnates and prices continue to rise, stagflation sets in with rising unemployment.