A big week for EU economic affairs: After the European Central Bank (ECB) announced an unprecedented rate hike yesterday, EU economic and finance ministers are gathering in Prague for an informal meeting. At the top of the agenda: the looming recession caused by high energy prices, and record-high inflation in Europe. Finance ministers will also be discussing financial support for war-torn Ukraine. German Finance Minister Christian Lindner announced he wants to push for the oil price cap agreed on by G7 countries.
This meeting comes after Russia's president Vladimir Putin threatened to stop exports altogether if Brussels introduces its proposed price cap on Russian gas imports. He branded Europe's claim he was using energy exports as a weapon "nonsense". Instead, he's looking to Asian nations for comfort.
