Source: European Parliament
This briefing assesses the impact of the recent energy price shock on the EU economy, with a focus on oil and price developments, their implications for growth, inflation and competitiveness, and the extent to which the current shock differs from the 2022 energy crisis. It also reviews the main EU and national policy responses, including the Commission’s “AccelerateEU” package, the Middle East Crisis Temporary State Aid Framework, the proposed extension of fiscal flexibility under the National Escape Clause for energy resilience measures, and measures adopted by Member States to cushion the impact of higher energy prices on households and businesses. Finally, it considers the role of a deeper Energy Union in strengthening energy security and reducing energy costs over the medium term.
Economics and Monetary Issues