The EU’s executive Commission is presenting a blueprint on Tuesday that needs to reconcile the gap between those who want to impose a common gas price cap and those who don’t
European Union leaders enter a crucial stretch this week to make sure runaway energy prices and short supplies do not further tank their struggling economies and foment unrest. At the same time, they need to keep all 27 members united in their opposition to Russian President Vladimir Putin.
EU council president Charles Michel told the 27 leaders in his invitation letter that there were three lines of action: reducing demand, ensuring security of supply and containing prices. With nationalists and right-wing populists complaining ever more about the EU’s common approach, the ability to find a joint exit strategy from the crisis could have a direct impact on the bloc’s future.
De Croo has been pushing hard in recent weeks to cap the cost of all gas imports to the EU, with other countries like Poland and Greece also increasing the pressure on the EU Commission. If any prodding was needed, the International Energy Agency did it early this month by saying that “Europe’s security of gas supply is facing unprecedented risk as Russia intensifies its use of natural gas supplies as a political weapon.”
And the energy crisis is ripping deep into the fabric of European society. The ETUC European trade union group said that wages adjusted for inflation have fallen in every EU member state this year by as much as 9%. Meanwhile, corporate profits continued to rise, sometimes by as much as 6.5 percent in Romania, it said.
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