The European Union will convene an extraordinary meeting of the energy ministers of its 27 member states, in order to seek pan-European solutions to the soaring electricity prices.
The Czech Republic, which holds the EU’s rotating presidency, will convene the summit to discuss “concrete and practical” measures to tackle the energy crisis, with the agreement of European Commission President Ursula von der Leyen, the Czech prime minister said. Petr Fiala.
The Czech leader gave no further details on possible steps to be considered, but earlier this week he said he would discuss possible price caps with German Chancellor Olaf Scholz. The Czechs and other members of the bloc are calling for a joint approach to the issue as the individual countries of the Union cannot cope with soaring energy costs through national measures alone.
Europe is experiencing its worst energy crisis in decades, with gas and electricity costs driving inflation to unprecedented levels in modern times, undermining the common European currency and threatening to push economies into recession as Russia cuts energy supplies, six months after the start of its invasion of Ukraine.
A failure to control the crisis would lead to social unrest and political upheaval if there are blackouts or the inability to heat homes in the winter, notes Bloomberg.
European politicians have already committed 280 billion euros in resources to ease the financial pain of households and businesses, but this aid risks proving small for the scale of the crisis.
The Czech Industry Ministry said it was looking for a suitable date for the meeting, which should be held “as soon as possible”.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
