Eurozone finance ministers met to discuss soaring inflation and deteriorating growth prospects ahead of an Economic and Financial Affairs Council this week.
Skyrocketing inflation is "a fact of life" exacerbated by the war in Ukraine, said Sigrid Kaag, the Netherlands' finance minister.
"Inflation levels will certainly be with us at a high-level next year...and we need to take this into account," said Kaag.
Some fear that Europe could enter a recession as the war in Ukraine pushes up prices for energy, food and raw materials.
"What could change the situation we are in, and bring us in a more difficult economic situation are supply cuts and real shortages of supply," said EU Commissioner for the Economy Paolo Gentiloni.
For months the EU has warned member states to prepare for a full shutdown of energy supply from Russia. The Commission is now working on a contingency plan for all scenarios including the possibility of a winter with rationed fuel and a large-scale war on Europe's borders.
Finance ministers say are "fully committed" to "ensuring the conditions" for growth, according to the statement from euro area members.
Spanish MEP Luis Garicano told Euronews that the European Central Bank appeared to have its hands tied.
"It's afraid of causing a euro crisis afraid of causing debt problems in some of its members," Garicano said.
Watch the full video report in the player above.