Be prepared to face an unexpected economic slowdown, EU to G20

• Financial

The Finance Ministers of the European Union, a 28-nation pact of European nation, had sent a confidential text to their G20 counterparts saying the world’s most industrialized countries should brace for a large-scale global-scale slowdown having potentiality to wreck havocs on five continents, an EU document seen by a press agency reporter had unveiled on Thursday, the 13th of February 2020.

In point of fact, latest warning bell from the bloc’s Finance Ministers would likely to create further chaos in the global money markets which had been hovering at their all-time highs, while the cautioning would also add to worries over the financial fallout of an ongoing coronavirus epidemic in China.

Besides, according to the EU confidential document which would be unveiled in a G20 meet of Finance Ministers next week, although the report had not cited the financial headwinds from coronavirus epidemic but had raised an alarming bell for the global economic majors.

Meanwhile, referring to a key downside risk to global growth while a slew of economic majors had still been drowning in to a technical recession, EU’s internal document revealed by a press agency reporter on Thursday (February 13th) said, “The G20 should safeguard against downside risks and be ready to respond to a larger than expected slowdown. ”