ROME, April 28 (TASS) - European Commissioner for Economy Paolo Gentiloni has admitted that the European Union's economy is facing stagnation.

"The situation in Ukraine presents an uncertainty and unpredictability factor for Europe, economic growth will obviously slow down with a stagnation risk," he was quoted as saying during the Confcommercio-Ambrosetti forum on Thursday by the ANSA news agency.

Much depends on "the duration of the conflict, an increase in the scale of standoff with Russia in the energy sector and the reaction of global trade," Gentiloni said.

The coronavirus pandemic is the second issue that may negatively influence the growth of the economy of EU countries, he noted, adding that it is possible to cope with both challenges "through common responses as with a common currency it is risky to encourage the varieties of EU states."

The commissioner also said that the latest "dramatic events might facilitate the process of achieving the strategic autonomy" of Europe.