By Haris Fludopoulos For the first time, the European Commission is ready to propose even temporary solutions to deal with the energy crisis, which will change the current operating model of the electricity market. What does this mean practically? As Commission President Ursula von der Leyen said yesterday, “rising electricity prices are now exposing, for […]
Tag: International financial news
Von der Leyen: Gas and electricity prices must be decoupled
LAST UPDATE 22:20 European Commission President Ursula von der Leyen said today that a full reform of the European electricity market should be done properly early next year, Reuters reports. In a discussion with German Economy Minister Robert Hubback in Berlin, the head of the Commission noted that the electricity market should be reformed and […]
Zelensky accuses Russia of ‘economic terrorism’
Ukrainian President Volodymyr Zelensky today accused Russia of engaging in economic terrorism by trying to prevent European countries from stockpiling natural gas ahead of winter, when the impact of higher electricity bills will cause difficulties in heating households and businesses. How Europe will respond to rising gas prices, made worse by supply cuts from Russia, […]
Germany: We will not allow a Lehman Brothers collapse in natural gas
German Economy Minister Robert Habeck expects natural gas prices to ease soon as his country meets its storage targets and won’t have to pay the high prices the market is currently asking for. “The result will be that the markets will calm down and the price will come down,” he said, adding that their recent […]
Russia: We will have a recession of less than 3% in the whole of 2022
Russia’s economy will shrink by less than 3 percent this year, Russian Deputy Prime Minister Andrei Belousov said on Monday, as a strong labor market “fortifies” the country’s economic sphere against the impact of what Moscow calls a “special military operation” in Ukraine, Reuters reports. Belousov said Russia’s gross domestic product will shrink by “a […]
Christine Lagarde: From crisis to crisis we become stronger
By Morgane Miel Since November 1, 2019 – the date of her appointment as head of the European Central Bank (ECB) – Christine Lagarde has been shared between the 19 countries of the European Union that use the euro. This in itself makes it particularly expensive. Still, we managed to meet her in her office […]
EIA: Russia to flare more gas as storage fills
Russia will likely be forced to increase natural gas burning in the coming months as its storage facilities fill up, International Energy Agency (IEA) Director Fatih Birol said today. He said confidence in Russia as an energy supplier has been lost around the globe since its invasion of Ukraine and cuts to natural gas exports, […]
Belgium calls for a cap on European energy prices
Belgium has favored introducing price caps at the European Union’s gas and electricity hubs, as well as suspending negotiations in the event of “irrational market behaviour”, according to a memo cited by Reuters. Within the year, Eurostat had reported that Belgium had the highest energy inflation in the EU, with the country’s government working out […]
US two-year bond at high since 2007
Two-year U.S. Treasury yields hit a 15-year high today as investors reassessed their stance on a more extended period of aggressive Fed rate hikes that the Fed chief signaled on Friday. The Fed will continue to raise interest rates in an effort to curb inflation, even if those hikes cause “financial pain” to households and […]
Soltz: ‘The EU needs a majority and not unanimity for foreign policy, taxation’ – What will he say about the debt
German Chancellor Olaf Scholz will argue on Monday from Prague, Czech Republic, in favor of majority decision-making rather than unanimity on matters concerning foreign and fiscal policy in the European Union, so that the bloc of 27 is not paralyzed by member states’ vetoes. In the text of his speech, the head of the German […]
