The European Union has issued broad guidelines to address record-high energy prices among its members.
On Wednesday, the European Union’s executive branch issued wide recommendations aimed at providing policy suggestions to the 27 EU member countries to assist low-income people struggling to pay their record-high energy costs.
As we approach the winter months, the guideline suggests that countries implement price ceilings and temporary tax reductions, as well as providing state aid to help the “vulnerable population.” Many countries have already followed the recommendation, which focuses on assisting low-income households and small companies.
“People ask me all the time, ‘Can I pay my next bill?’ How long do you think it’ll last? ‘Is there anything that can be done?’ “Their anxiety is understandable and fair,” said Kadri Simson, the European Union’s Energy Commissioner. “Winter is on its way.” “Our response to the question of what should be done is twofold: “First and foremost, we must safeguard Europe’s consumers, particularly the most vulnerable,” she continued. “Second, we must improve the preparedness and resilience of our energy system so that we do not have to confront a similar crisis in the future.” According to The Washington Post, the E.U. guideline is the most major collective move these countries have made to address record-high energy prices, which have been endangering the region’s economic recovery from the COVID-19 pandemic.
According to the Associated Press, EU leaders are expected to address energy pricing further at their summit next week, including a longer-term joint procurement initiative.