BRUSSELS, March 9 (Xinhua) -- A top official of the European Union (EU) warned on Monday that a prolonged conflict in the Middle East could spill over into the global economy.
Ahead of a Eurogroup meeting, European Commissioner for Economy and Productivity Valdis Dombrovskis said that the economic impact would remain limited if the conflict were contained quickly.
However, a more prolonged crisis, especially one disrupting shipping through the Strait of Hormuz and causing destruction in the energy infrastructure of the Gulf, could deliver "substantial stagflationary shock on the global and European economy," he said.
"Therefore, it's important to work to de-escalate the conflict as soon as possible," Dombrovskis added.
Dombrovskis noted that the European Commission was maintaining close contact with Gulf countries and stepping up economic outreach in support of a diplomatic solution to the Middle East conflict. ■