European economic activity has reduced again this month, according to a new survey, giving rise to fear of a looming recession.

The European Union is bracing for a recession in the wake of skyrocketing gas prices and soaring inflation, as the coming winter is likely to be "one of the worst in history," according to a top EU official.

“To start pushing back the legal retirement age in a vertical and brutal way is to set the country on fire.”

Inflation in European countries using the euro currency has once again hit a new record.

The gas squeeze, higher interest rates and plummeting consumer confidence threaten to bring down Italy's economy on multiple fronts. 

Russian President Vladimir Putin has blasted the West for trying to deflect blame for the skyrocketing inflation in Europe and the United States.

The European Central Bank has confirmed its intention to hike interest rates at the policy meeting next month. The move is aimed at bringing down soaring prices across the eurozone.

French unions took to the streets around the country as new data shows that France’s economy has reached record new lows.

In the 19 countries sharing the euro, inflation surged to 8.1 percent in May, up from 7.4 percent in April.

Prices in the eurozone touched another record high in May, challenging the European Central Bank's view that gradual interest rate increases from July will be enough to stem the soaring inflation.