Three developments last week from Russia, Qatar, and China threaten to undermine the EU’s efforts to bring some stability to its gas market over the winter period
On 18 October, the EU’s executive arm, the European Commission , proposed further emergency measures to reduce the high energy prices that have caused a spike in inflation across the region and beyond, and a sharp rise in interest rates to combat it, with the economy- crimping effects that these can cause.
EC President, Charles Michel, underlined that the EU’s leaders had reached an agreement that would bring down prices, and added: “I think that we sent a clear signal to the markets that we are ready to act together, that we are able to act together.” According to the official minutes of this latest meeting, the EU’s leaders formally request that the EC works “urgently…on a temporary dynamic price corridor on natural gas transactions.
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