Migrant crisis poses 'deep' financial challenge'

(BRATISLAVA) - The head of the European Investment Bank warned Friday about what he termed the "deep" financial challenges posed by Europe's biggest refugee and migrant crisis since World War II.

"It is still a little bit underestimated, but I am sure that the financial dimension of the crisis will reach the tables of finance ministers very soon," EIB chief Werner Hoyer told delegates at a conference in the Slovak capital Bratislava.

"So we better prepare for it. In many cases this is already the case, but others seem to need more time to recognise how deep the challenge is going to be.

"This challenge many people see as a threat, but it also can be seen as a great opportunity."

Hoyer's comments come a day after the European Commission said it expected three million refugees and migrants fleeing war and poverty to enter the EU by 2017.

It however said the development is likely to have an overall marginally positive impact on the economy and could boost gross domestic product by 0.2 to 0.3 percent.

"I am firmly sure that we will never be able to cope with this challenge without arriving at a European, solidarity-based solution," Hoyer added.