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Germany’s €200-billion energy bazooka dazzles and baffles
By Euronews Brussels bureau
All eyes – and fingers – turned this week to Berlin.
The German government is facing intense scrutiny over a massive €200-billion financial plan to help German households and companies bear the brunt of soaring gas bills.
The “defensive shield,” as Chancellor Olaf Scholz called it, is designed to introduce emergency price brakes for gas and electricity consumption, and is meant to run for three years. The money to finance the compensation will come from new borrowing.
The colossal plan caught Brussels and the other capitals totally off guard and immediately raised the spectre of unfair competition. If German companies are protected by the state against crippling bills, won’t they gain a disproportionate advantage over their European competitors, many of whom are being forced to shut down production to save costs?
We put this very question to Valdis Dombrovskis, the Executive Vice-President of the European Commission in charge of trade and economic matters.
“Well, first of all, it’s worth noting that most member states, if not all member states, are taking decisions on different support measures for consumers,” Dombrovskis told Shona Murray.
“It's important that the measures are temporary and are targeted because contrary, for example, to the COVID-19 crisis, we are not recommending across-the-board fiscal stimulus.”
The vice-president advised governments to prioritise income support for struggling households and companies over price-alleviating measures in order “not to dampen the price signal completely and have a motivation to reduce energy consumption.”
Dombrovskis did not openly criticise Berlin’s borrowing spree but warned that emergency aid cannot “contradict” the European Central Bank’s battle to tame record-breaking inflation.
If citizens become overly protected against soaring bills or have the impression of being so, they might be tempted to keep spending rather than saving. This could trigger an inflationary vicious cycle that pushes prices further up and puts public finances under extreme strain.
Apart from competition concerns, Germany’s go-it-alone scheme has highlighted the widening gap between wealthy and debt-ridden countries. The fact that Berlin has long been a fierce advocate of responsible and moderate public spending has also raised eyebrows in Brussels and beyond.
Asked about this apparent contradiction, Dombrovskis said the conversation around fiscal space was “less of an issue” now than it was during the coronavirus pandemic. Back then, the sudden economic shock forced the 27 to set up a recovery fund to the tune of €750 billion.
Some voices, like European Commissioner Paolo Gentiloni, have begun calling for a similar show of solidarity to weather the current crisis, which is expected to be protracted. Analysts say an EU-wide recession is no longer a matter of if but of when.
“We are seeing right now a rapidly deteriorating environment, with confidence indicators going rapidly down. So I would say the economic outlook depends to a large extent on how we will manage the current energy crisis,” said Dombrovskis, avoiding using the word recession.
“So if we manage to ensure sufficient energy supplies, we can avoid this scenario.”
WHAT ELSE IS GOING ON?
HAPPENING TODAY The first meeting of the European Political Community, a new forum that gathers 44 European countries, including the 27 EU member states, the UK, Norway, Switzerland, Ukraine and Turkey. The gathering is meant to send a message of unity and resolve against Russia, although no collective statement will be released. Alice Tidey explains what is the purpose of the European Political Community and how it could help ease EU-UK relations after Brexit. And don’t forget to check our website for the latest about the meeting.
LEAP OF FAITH After weeks of mounting pressure, Ursula von der Leyen has opened the door for an EU-wide cap on gas prices. In fact, the European Commission president proposed two temporary caps: one on the gas transactions taking place in the market and another one on the gas used for electricity production. But energy experts warn that any sort of gas cap would endanger the bloc’s security of supply, encourage consumer consumption and, essentially, put an end the free market as we know it, Jorge Liboreiro reports.
WESTERN MOVE The EU is moving forward with the G7’s initiative to impose a sweeping price cap on Russian oil that could slash the Kremlin’s revenues. The cap would prohibit insurance and shipping companies from providing services to Russian tankers that carry oil above the agreed-upon price. But on the same day the bloc signed off its eighth package of sanctions, OPEC Plus, an international cartel that includes Russia, agreed to reduce its oil production in an attempt to “boost prices.”
THE FRONTLINE Ukrainian forces continue their push to liberate more occupied territory following Russia’s illegal annexation of four regions. Vladimir Putin has vowed to stabilise the Ukrainian parts that he now claims as Russia, even if his map shrinks by the day. Meanwhile, new reports indicate Moscow used Iran-made “kamikaze drones” to bombard a city near Kyiv. And the situation around the Zaporizhzhia power plant remains critical as the United Nations calls for a safety zone.
ATLANTIC PUSH In response to Putin’s escalation, Ukraine decided to launch a bid to join NATO, a long-held goal for the war-torn country. But things won’t be as fast as Kyiv desires: Joshua Askew has the five main reasons why Ukraine won’t join NATO any time soon. In related news, Turkey and Hungary are the only two NATO member states that haven’t approved the accession of Finland and Sweden. Why is that? Both countries try to gain different concessions, writes David Mac Dougall.
ROUGH START Liz Truss is going through what’s arguably the most disastrous start of any UK premiership in recent history. The PM was forced to U-turn on her plan to cut taxes for highest earners amid plunging approval ratings and warnings of lasting damage to her party. Truss attempted to move forward with a keynote speech at the Conservative Party conference, which was seen as disappointing. Here are the five takeaways. The PM continues to insist she wants “growth, growth, growth,” but Brexit is set to dampen her great expectations. Alasdair Sandford has the full analysis.
TURKISH WOES Britain’s economic troubles pale in comparison with Turkey’s: the country’s inflation rate has reached a stunning 83% mark, the currency is trapped in a devaluation spiral and two-thirds of the population are struggling to pay for food and rent. We talked with economists to understand Turkey’s financial chaos.
FAIR PAY This week we marked World Teacher’s Day, but there was little cause for celebration as teachers remain unhappy about their wages and working conditions. Euronews Next has very revealing data showing which European countries pay teachers the most and the least.
VISA TIPS Europe is well known for being a difficult place to move to for non-European citizens trying to relocate for work. But faced with severe labour shortages, some nations are loosening up migration rules. Euronews Travel has a list of countries where it’s easier to obtain a work visa.
IT'S IN THE NUMBERS
Environmental damage in Ukraine caused by Russia’s invasion is estimated at around €36 billion, with €25 billion needed to address air pollution and another €11.4 billion for damage to the soil, Ukraine's environment minister has said. The seventh-month-old war has released 31 million tonnes of CO2 emissions to the atmosphere, roughly the amount produced by New Zealand annually.
EDITOR'S CHOICE
EuroPride in Belgrade: A storm over the rainbow flag
This year’s EuroPride in Belgrade was supposed to be historic: it would mark the first time the annual LGBTIQ celebration was hosted in a city of Southeast Europe and the first time it took place outside the European Economic Area. But as the date neared closer, tensions in the Serbian capital began rising and the government threatened to cancel the whole affair. On the eve of the event, thousands of people brandishing religious and Russian symbols answered a call from the Orthodox Church and took to the streets of Belgrade to protest. The following day, EuroPride was launched, with thousands of participants coming together and waving rainbow flags. Our reporter Valérie Gauriat travelled to the city and closely followed the events of that particular week, speaking with people on both sides of the debate. Her findings are now condensed in a new episode of Euronews Witness.
NO COMMENT
In a show of solidarity with Iranian protesters, Swedish MEP Abir Al-Sahlani cut her hair during a plenary debate at the European Parliament in Strasbourg.
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