Global Economic Collapse: Brussels calls for fiscal action to avert EU recession as shocks mount. US car tariffs add 25% (5×5).

Telegraph.co.uk October 8, 2019

The European Commission has issued a stark warning to EU finance ministers, calling for concerted fiscal stimulus to head off a recession and avert a protracted downturn before it is too late.

A briefing document for tomorrow’s Eurogroup meeting said the twin shocks of a no-deal Brexit and US car tariffs of 25pc days later risks compounding the current global trade slump and could test the limits of eurozone policy.

The Commission said it was no longer good enough to wait for the hammer blows to hit before responding, given the long lag times before budget stimulus feeds through. “Slowing growth and the downside risks inherent to the current situation may call for a pre-emptive, rather than reactive,…