STORM TRACKER: Follow 'Storm Amy' as it bears down on Ireland amid brutal forecast
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06 Sept 2025
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06 Sept 2025
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Euro 'bouncing back strongly' after shutdowns, says Minister for Finance
The Minister for Finance has said the euro area economy is "bouncing back strongly" after the shutdowns during the Covid-19 pandemic.
Paschal Donohoe made the comments yesterday after flying to Luxembourg to chair a meeting of the eurozone's finance ministers. Minister Donohoe, who is also the president of the Eurogroup, said the continued policy support, growth, and recovery funding is the "best medicine there is" to help firms and households recover from the crisis.
Today’s #Eurogroup confirmed optimism in the strength of our recovery but we remain alert to new risks on the economic outlook.
— Paschal Donohoe (@Paschald) October 4, 2021
Full statement: https://t.co/kT5qU2uhcr pic.twitter.com/avWrV5Sbp3
He said recovery funding is important for healing European economies after Covid-19, but that it is also "critical" for addressing long-standing reform and investment priorities in both country-specific and euro area recommendations.
According to Eurostat, percentage of GDP during 2020 across the EU was -6.0, but the forecast for 2021 and 2022 is 4.8 and 4.5 respectively.
Ireland currently has the second highest GDP percentage across the EU at 7.2%, with Romania taking the top spot with 7.4%.
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