Germany announced an up to $194 billion program to tackle rising energy prices, seeking to shield consumers and companies from some of the worst fallout as temperatures are starting to drop. But Europe’s response to the crisis has been divided.
feeding Europe and amid a severe energy crunch that has sent electricity prices soaring and raised concern about broader social and economic unrest.
Individual European countries have also pushed ahead with their own plans. Germany announced Thursday an up to $194 billion program to tackle rising energy prices, seeking to shield consumers and companies from some of the worst fallout as temperatures across Europe start to drop.The German announcement also underlined just how varied Europe’s response to rising energy prices has been.
German officials, like the rest of the E.U., were clear on what they don’t want to do: “We are expressly not following the U.K.’s example down a path to an expansionary fiscal policy,” Lindner said.earlier this week after her government proposed using borrowed money to pay for tax cuts while spending heavily to insulate consumers from soaring energy bills. In response, the British pound fell to an all-time low against the U.S. dollar.
But Simson, the energy commissioner, suggested a cap may eventually be necessary. “We are negotiating with our reliable suppliers of pipeline gas,” she said Thursday. “If this doesn’t bring results, then a price cap is possible.”its majority state-owned energy company to sell power at an artificially low price this year, but it also intervened quickly to impose price caps.
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