European economies are expected to be among the largest contributors to the global slowdown, according to the IMF. According to Pierre Moscovici, European Commissioner for economic and financial affairs, taxation and customs.
The region, he explained, is currently preparing for another potential blow: The UK is leaving the EU without a deal.
The UK and the EU earlier this week have reached an agreement to re-extend the deadline of Brexit until October 31. The next six months should be spent ensuring that the UK has not fallen out of the of block and slowly lower the European and global economy, Moscovici told CNBC's Bercetche at the same Washington meeting.
"Let's avoid having a deal (Brexit)," he said. "We really need to find a way to live together and for that, a deal ̵