The European Union has agreed to press ahead with a raft of emergency measures to tackle the bloc’s energy crisis, with Germany yielding to pressure from member states to clear the way for a temporary cap on natural gas prices.
European Council President Charles Michel said in a press conference this morning, Friday, that “European natural gas prices fell, after the agreement. We also sent a clear indication to the market,” according to the “Bloomberg” news agency on Friday.
“This means that we are ready to act together, that we are able to work together and there is a strong political will. I am sure there will be an impact very soon,” he added.
European Union leaders were divided on Thursday over how to respond to high gas prices as a summit kicks off in Brussels.
Most of the bloc had called for a cap on gas prices, and the European Commission eventually proposed limiting wholesale gas prices only as a last resort if prices in the bloc reached excessive levels.
Germany and a few other countries are skeptical of measures to intervene in the price of gas, due to fears that lowering gas prices would jeopardize supply security or lead to increased consumption.
“Of course, we have to make sure that we prepare what we decide in a way that makes it work,” German Chancellor Olaf Scholz said upon arriving at the meeting.
“No one wants to make good decisions in theory here, and (supply of) gas doesn’t follow,” he added.
Dutch Prime Minister Mark Rutte reiterated Scholz’s concerns upon his arrival.
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