“The measures taken at national level are important relapses to the other Member States, then a coordinated approach to European level it’s more important than ever.” These are the words of the EU Commissioner for the Economy, Paolo Gentiloni, at the end of theEurogroup in Luxemburg. A message of criticism of the relief plan developed by Germany confirmed in a letter signed jointly with the French colleague Thierry Breton. Even if during the press conference Gentiloni tries to correct the shot saying: “This is not the time to give mistake to this or that effort on the part of individual member states “to try to combat expensive energy, from the pages of and the French Les Echos, the EU commissioners forBusiness and the domestic market openly criticize “the massive aid package 200 billion Euro decided by Germany (equivalent to 5% of GDP)”. When they write on the one hand, “it responds to the need we invoked support the economy“On the other hand” also raises a few things Questions“:” How can they the member states who don’t have the same budget margins Support businesses and families?” ask Gentiloni and Breton.
After looking back at the challenges Europe has faced and continues to face (from caI laughed financially to wanderingthrough the Pandemic and lockdowns, up to war in Ukraine and “the disruption to global supply chains that is exacerbated by our dependence onenergy and from raw materials“) The EU commissioners emphasize that the reaction of the EU states would be more effective if “we show solidarity”. If the experience of the pandemic thanks to “the impressive recovery plan Next GenerationEUto the European Fund for Employment Support Secure and the success of the joint management of vaccinations“The energy crisis and the rise in prices” present us with one Crossing“. For this reason, Gentiloni and Breton call for “reaffirming in will and deed the principles of solidarity and from joint action“.
The German initiative thus harbors risks: “More than ever – they write – we must avoid them fragmentation of the internal marketto create one Race for Subsidies and to question the principles of solidarity and unity that are the basis of our European project. “To overcome them do them caused by the different margins of the national budgets point this out – we need to think about it common instruments on European level. Only a European budgetary response will enable us to support the action of the ECBto respond effectively to and calm this crisis volatility of the financial markets”. And so it came about that the “Safe Mechanism“Considered by Gentiloni and Breton as a measure inspired by “helping Europeans and industrial ecosystems in the current crisis” to become “one of the”. short-term solutions which paves the way for a first step towards supply “European Public Goods” in the energy and security sector, because this is the only way to react systemically to the crisis”. The idea of implementing a credit system like Sure was suggested by the Prime Minister Mario Draghi in June, opening of the Ministerial meeting of the OECD in Paris.
The need to move in a coordinated and supportive manner is the principle shared by Minister of Finance of the euro area meeting in Luxembourg. At the Eurogroup meeting, the example of EU action during the pandemic was given despite the More economical states don’t want to hear anything from a recovery until for energy. The mantra repeated by Brussels is that there must be public aid temporary and purposeful to companies hardest hit by high bills. The risk is that the ramp-up of subsidies will drive this forwardinflationnow reached 10% and increase that fault. “In the face of the energy crisis, it is essential to act together in Europe,” said the French finance minister. Bruno Le Maire. The EU must act “united” against the energy crisis, as it did against Covid-19, emphasized the Spanish Economy Minister Nadia Calvino.