It is unlikely that there will be a discussion as of now about the common debt at European level. “I think the real discussion will take place in a couple of weeks when we have a clear idea of the impact of the crisis,” not now. This was announced today by the EU Economic Commissioner Paolo Gentiloni. The commissioner then declared that the EU would “not allow itself to be blackmailed by Russia” with gas. At the moment, the flows from Moscow to Europe are regular and have never stopped. Every day Europe pays approx 800 million dollars to Russia for the supply of oil, gas and coal. While the gas price has returned to preinvasion levels and is trading 97 euros per megawatt / hour. About 30% of the gas consumed in Italy comes from Russai, as it happens in Germany.
“Ninety percent of the gas we consume in Europe is imported and Russia supplies almost half of these imports, in varying amounts between member states. Russia also accounts for 27% of oil imports and 46% of coal imports. If one side of that business relationship suddenly starts using energy as a weapon, that relationship becomes untenable and needs to change completely. The European Union cannot be blackmailed, said Gentiloni. “Commodity price trends with fluctuations in energy and agricultural commodities” are a cause for concern food safetyespecially in developing countries, the EU Commissioner continued.
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“Industries in the EU and around the world have to deal with this big setbacks, as Russia is a major exporter of a wide range of commodities. The production of Semiconductors, batteries, steel and other goods are dependent on supplies from Russia,” explains Gentiloni, who repeatedly reminds that the conflict is being exacerbated “also because of the current disruptions in the global supply chain, because of the lack of raw materials and price increases” for embargoes or bans and also for voluntary withdrawals . “For example he recalls two of the largest container carriers, Maersk Lines and MSC, have suspended their operations with Russia. The decision to close airspace to Russia will increase the cost of cargo flights from Europe to Asia and potentially make some trade routes impractical. today Russell Hardy, The chief executive of Vitol, one of the world’s leading oil traders, warned of the risk of a systemic diesel shortage in Europe if supplies from Russia were to fall.
Despite everything, Gentiloni is optimistic about the economic prospects: “So far we have one unprecedented level of unity in EU responses“. “Overall, we’re going to have to reduce our growth forecastsbut if we look at the basics of our economy, I think there is a basis for further growthSpeculations about the recession are not destiny. According to the Commissioner “If our national and EU political responses stand effectively coordinatedif monetary and fiscal policies remain complementary, and if we remain agile and ready to adjust as needed, I believe we can ensure the recovery lasts.
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