The coronavirus pandemic's economic risk to the whole of the European Union with would be a "bigger shock" than the deep setback of the 2008 eurozone crisis. Former Greek Financial Minister Giorgos Papakonstantinou warned Brussels all members could be dragged into a "very deep recession" unless the bloc adopts strong emergency policies to safeguard the economies of the EU27. Speaking to CNBC, Mr Papakonstantinou said: "It’s important to realise that this is a bigger shock than the eurozone crisis.