Fears of economic collapse are rising in Europe as the US-Israel conflict with Iran approaches its one-month mark. German Defence Minister Boris Pistorius labeled the war an economic “catastrophe,” while the OECD downgraded the UK’s growth forecast for 2026 to 0.7 percent. Pistorius stated Germany was not consulted before the conflict began, emphasizing the need for a ceasefire and warning about the lack of a clear strategy. The war has led to a significant spike in natural gas prices in the EU, complicating energy security for member states.
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