Europe

EU’s Competitiveness Suffering From Higher Energy Prices – European Commission President

President of the European Commission Ursula von der Leyen attends during the press conference after the High-Level International Donor’s Conference for UkraineInternationalIndiaAfricaMOSCOW (Sputnik) – The European Union spends more on energy than other major economies, posing a challenge to the bloc’s competitiveness, European Commission President Ursula von der Leyen stated on Tuesday. “Today, energy prices in Europe are back to pre-war levels, that is an achievement due to our unity in the European Union, otherwise we wouldn’t have made it. But the price we pay for energy is still structurally higher than on other continents, and this is an issue for our global competitiveness,” von der Leyen said in an address to the Green Deal Summit in Prague. She added that a solution to this problem is “within reach,” depending on the efforts of each EU member, as energy consumption is their “national prerogative.” EconomyRussia Gets Richer While West Bleeds Trillions in Funding Ukraine Amid Failed Sanctions 17 August, 11:09 GMTEnergy became the EU’s top priority after the start of Russia’ military operation in Ukraine, when the bloc decided to significantly reduce its imports of Russian gas. The decision led to a sharp rise in gas prices in the bloc. To curb the price hike, the Commission presented several measures, including joint purchasing, price caps, and increased energy conservation efforts.

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