News - Middle East: Eurozone interest rates have skyrocketed amid high inflation and preposterous spending on its proxy war in Ukraine, the EU is edging closer to a devastating recession.

EU leaders are urged to stop fueling the war in Ukraine as Eurozone interest rates hit their highest level since the euro was launched in 1999. 
The economic situation in the EU is looking more precarious by the day.
Foreign direct investment has fallen by 80% since 2021; inflation is at 5.3%, well above the 2% target.
So is the European Central Bank, which manages the Euro, losing credibility?

Our credibility on the line is to reach the 2% medium term in a timely manner. And we will do everything we have to do in order to deliver on that.

The bank raised interest rates for the 10th consecutive time on Thursday to try and control inflation. It's very bad news for businesses and millions of mortgage holders.
Bankruptcy numbers were already climbing at an alarming rate and growing tensions with China might place even more pressure on the economy.

The biggest problem though, relates to ongoing tensions with Russia.

It seems a growing number of citizens share that sentiment.

They keep sending billions of Euros to Ukraine, but with the exception of Victor Orban, EU leaders insist it's a price worth paying.
 At the same time, poverty and homelessness levels are steadily increasing across the 27 nation bloc, while inflation and interest rates continue to rise with no clear end in sight.