Europe is facing a "double crisis" due to the geopolitical impact of Russia's invasion of Ukraine and the subsequent economic hit to the European continent, according to Paolo Gentiloni, the European Commissioner for economic affairs. However, Gentiloni believes that Europe can avoid a recession, as the region has been able to secure alternative energy supplies and some governments have provided relief to consumers facing high energy costs. The European Commission will publish new economic forecasts for the region on September 11, which will provide an indication of the growth picture in the area.

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