Droughts are major threat to Eurozone economy, warns ECB

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Financial Times 12h ago

Droughts are major threat to Eurozone economy, warns ECB - Financial Times

Quick Summary:

Droughts could wipe out nearly 15 per cent of economic output in the Eurozone, the European Central Bank has warned.

The ECB and University of Oxford found farming was the sector most exposed to water shortages, with up to 30 per cent of agricultural output at risk in southern European countries.

It has become a topic of particular contention since President Donald Trump returned to the White House, with the US Federal Reserve recently withdrawing from the Network for Greening the Financial System, which co-ordinates policy on the issue.