French president warns Germany of isolation amid gas price cap debate

Thu, Oct 20, 2022
By editor
2 MIN READ

Foreign

FRENCH President Emmanuel Macron says he will work with German Chancellor Olaf Scholz to find a solution to Europe’s gas price problems in Brussels.

“I think it’s neither good for Germany nor for Europe if Germany is isolating itself,” Macron said on his arrival at a summit of EU leaders, stressing the importance of maintaining unity.

Finding a joint strategy to ease the European Union’s ailing energy market is set to drive discussions in Brussels this week, as EU leaders convene for a two-day summit from Oct. 20 to 21.

Energy prices – determined by the price of gas, coal, and oil had already soared across the globe after Coronavirus lockdowns were lifted and economies opened up, and the war in Ukraine has only exacerbated the crisis.

Moscow’s decision to cut gas supplies to the EU since launching the invasion has had a dynamic impact on gas prices within the bloc.

Germany is under criticism for opposing gas price measures as called for by other EU member states.

France supports such a move.

Macron also announced that France, Spain, and Portugal had agreed to build a new pipeline project between his country and the Iberian peninsula, abandoning the contested MidCat-Pipeline.

EU leaders and their energy ministers have held a string of meetings over the past few weeks to find solutions to reduce these high prices. But a united strategy is not yet on the table.

Divisions persist over “capping prices” with some EU states, including Belgium, Italy, Poland, and Greece, wanting a pan-European wholesale price cap on gas.

Others, such as the Netherlands and Germany are against such a move, fearing it would hurt the global supply and demand of gas. (dpa/NAN)

A.I

Tags: