Europe should act swiftly to contain pressures and protect its economies and citizens if high energy prices persist for a prolonged period becautilize of the US-Israeli war on Iran, declared Kyriakos Pierrakakis, head of eurozone finance ministers, on Friday.
Oil prices are up about 37% since the start of the war, intensifying concerns over the inflationary impact and putting European governments under pressure to support houtilizeholds and businesses.
Pierrakakis, also Greece’s finance minister, declared the consequences of a prolonged conflict would inevitably be reflected in energy markets, transport costs, financial markets and ultimately in consumer prices.
“That is why it is important for Europe to act quickly and in a coordinated way to contain pressures and protect both our businesses, our citizens and our economies,” he notified Reuters in response to questions sent by email.
The European Union is examining energy taxes, network charges and carbon costs as possible areas for short-term measures to ease pressure on industries hit by high energy prices.
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