The EU plan on gas prices slips, pressing on Berlin – Economy

Eurozone finance ministers commit themselves to coordinate the respective “measures” against expensive energy to “preserve the conditions of fair competition and the integrity of the single market, including avoiding harmful tax measures”. This is what theEurogroup at the end of the meeting in Luxembourg. “We also need close coordination of economic policies in a broad sense, to address the challenges we face”, add the finance ministers, highlighting the need to “try to prevent the shock in energy prices from producing secondary effects and a ‘acceleration of inflationary dynamics “.

Eurozone finance ministers acknowledge that “governments cannot fully protect their economies from the effects of the unprecedented rise in energy prices as the euro area is a net energy importer,” the statement read. final of the Eurogroup. Ministers signal their willingness to “increasingly focus support on cost-effective measures, in particular exceptional, temporary and targeted income measures for the most vulnerable”.

The president of the Eurogroup, Paschal Donohoe, has invited the finance ministers of the euro zone “to an exchange of views with the American secretary to the Treasury, Janet Yellen, in Washington on October 13”, announced Donohoe himself at the end of the meeting. . “It is essential to maintain and strengthen the strong collaboration with an important and trusted partner like the United States,” he added, citing the success of the similar meeting held in Brussels last year.

“Actions taken at national level have important repercussions on other Member States, so a coordinated approach at European level is more crucial than ever”: thus the European Commissioner for the Economy, Paolo Gentiloni, at the end of the Eurogroup. “We must collectively respond to the current challenges, in a spirit of solidarity and unity between the Member States, safeguarding the single market”, she stressed. “We were able to avoid the risk of fragmentation in the darkest weeks of the pandemic and we must do the same today,” she added. “This is not the time to blame this or that effort” to counter expensive energy “by individual member states, this is the time to try to increase the level of our common solidarity”, added Gentiloni at a press conference. answering a question about the maxi-aid package of 200 billion euros launched by Germany.

Meanwhile, the European Council invites the Commission to “propose viable solutions to reduce prices through a price cap on gas”. This is what we read in provisional draft of the declaration of the informal summit of EU leaders in Prague. The text calls for “accelerating negotiations for mutually beneficial partnerships on security of supply and lower prices”. The declaration, from now to Friday, may be subject to changes and it is not excluded that at the end of the summit there will not even be a ‘statement’ if it is believed that, on the issues of the energy dossier, there are no steps forward compared to the June summit.

In the text, the European executive is also invited to “develop a more representative benchmark for LNG that more accurately reflects market conditions” and to “accelerate work to ensure the proper functioning of financial markets and limit excessive price volatility “. “In addition to addressing the short-term challenges, we must discuss at our next meeting in October the next steps necessary to achieve a comprehensive Energy Union in the service of our goal of European energy sovereignty and climate neutrality”, the draft reads. of the declaration. “Coping with high prices for households and businesses, supporting growth and employment, preserving the integrity of the single market and protecting the most vulnerable remains our main concern”.

Gas concludes down 10% to 169 euros per megawatt hour
Clear decline in the price of gas: the future expiring in November on methane started the week by closing in Amsterdam, the reference price list for Europe, down by 10% to 169 euros per megawatt hour. In the last three sessions, all in decline, gas has lost a total of 24%, returning to the levels of the end of July.