Tuesday, June 6, 2023

There are too many outstanding issues to be resolved in the EU

The leaders of the European Union (EU) concluded their spring summit this Friday in Brussels, again leaving several essential questions for the future of Europe’s industry and socio-economic, hiding their disagreements behind voluntaristic and self-congratulatory declarations. More than a third of the conclusions of the European Council were devoted to Ukraine, in which the only outcome was consensus. But he brings in other key issues, such as the price of electricity, a boost to the European industry, the reform of the economic government and immigration, referring to future peaks.

More than 20 months after the start of the uncontrolled electricity price hike in the EU, which triggered inflation and made mortgages and investments more expensive, the electricity price system has not yet been reformed. Because of this, not only do households suffer excessive bills, but the European industry costs electricity four to five times higher than its US competitors. The European Commission reform proposal 2022 breaks the promises of its president Ursula von der Leyen. The price of electricity from gas and the new system has not been decoupled and has not stopped the crisis that began in June 2021, which brought the price of a megawatt/hour (MW/h) above 850 coins in August 2022.

The support proposed by the electricity contractors, after its record benefits in 2022 in the EU, indicates the level of authority of the electric companies in the offices of the European Commission, and shows that it will not serve to correct the present current functions. marginalist reasoning: the most expensive electricity production system to demand (gas) sets the global price, even though the smallest fraction of electricity produced and the rest is generated at much lower costs (renewables, hydro, nuclear). . Now that they have adjusted, the March 24 wholesale price levels in the western EU members are more than double the equivalent levels of Friday in March 2019, before the pandemic.

The European defense industry

After a year of war in Ukraine, European defense plans are gradually evolving. The EU has promised to supply one million artillery shells to Kyiv over 12 months. But it is still not clear if the European industries will be able to achieve this production and there is a risk that again and again European funds will be used to develop the industries of other powers. 60% of military supplies will come from outside the EU. Germany has just announced that it will buy more than 100 armored vehicles from Australia and in December it proved that it will replace its European ‘Tornado’ fighter jet with 35 US F-35 fighter-bombers for 13 billion European coins. Poland has also opted for South Korean industry for a supply of tanks, artillery and airships worth 14.5 billion.

Nation World News Desk
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