The eurozone is well placed to ride out recent market volatility and its economy will grow both this year and next, the eurogroup president said, denying that the currency union faces a crisis akin to that which struck a decade ago.
Paschal Donohoe, who is Ireland’s finance minister as well as chief of the pan-eurozone group of finance ministers, said the current circumstances were “completely different from the kind of crisis environment we were in” when the bloc was gripped by a spiralling sovereign debt sell-off in the early 2010s.
Donohoe said the euro area now had “stronger architecture” and “deeper foundations for our common currency”.
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