The Greek economy is still in crisis, contracting 1.2% in the quarter. The figures, published by the Greek statistics agency, Elstat, show it was the worst quarter since the summer of 2015, when the European Central Bank closed the Greek banks.
Today (6 February) at a hearing of the Committee on Economic and Monetary Affairs of the European Parliament, Mario Draghi, the president of the European Central Bank, was asked about the effects of Trump’s Muslim ban on Europe’s economy. Draghi called it "worrisome".
The economic and financial crisis has revealed a number of weaknesses in the economic governance of the EU's economic and monetary union.
The EU and its Member States have taken a series of important decisions that will mean stronger• economic and budgetary coordination for the EU as a whole and for the euro area in particular. Thus, in May 2011, the Member States agreed to establish a rescue mechanism worth €750 billion to protect the euro from collapsing under the weight of accumulated debt.