Saturday, December 04, 2021

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ECB urges to buy energy for Europe

ECB urges to buy energy for Europe

Brussels, Sep 27 (Prensa Latina) The President of the European Central Bank (ECB) Christine Lagarde on Monday urged the EU member states to coordinate efforts to negotiate energy purchases and prices in the market.
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In the Economic Affairs Committee of the European Parliament, Lagarde considered that the recent increase in energy prices is a matter that the tax authorities should study and she recommended that the community bloc act together to renegotiate some prices and tenders.

According to Lagarde, the increased energy price ‘probably’ will continue to be spine-tingling in coming weeks and also added that it is with several factors unrelated to ECB’s monetary policy.

Among these factor, Lagarde mentioned that not much wind energy was produced in summer and that heatwaves, especially in southern Europe, forced to use energy reserves.

In Lagarde’s viewpoint, the upward trend in energy prices is due to the increased oil price, end of temporary reduction of value added tax in Germany and the higher costs derived from shortage of materials and equipment.

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