European economies are expected to be among the largest contributors to the global slowdown, according to the IMF. That’s coming at an inopportune time for the bloc, according to Pierre Moscovici, European commissioner for economic and financial affairs, taxation and customs.
The region, he explained, is currently preparing for another potential blow: The U.K. leaving the EU without a deal.
The U.K. and the EU earlier this week reached an agreement to once again extend the Brexit deadline until Oct. 31. The next six months should be spent on ensuring the U.K. doesn’t crash out of the bloc and slow down the European and global economy even more, Moscovici told CNBC’s Bercetche at the same Washington meeting.
“Let’s avoid a no-deal (Brexit),” he said. “We must really find a way to live together and for that, a deal — I don’t know which deal, it’s up to (the U.K.) to say precisely what they want — is much preferable to no deal.”