President of the European Commission Ursula von der Leyen said today that the repercussions of the current crisis in the Middle East are beginning to clearly reflect on the European economy and on the lives of citizens and companies in various Union countries, confirming that Brussels is acting on more than one level to deal with the sharp rise in energy prices, supply disruption, and growing geopolitical risks. This came after an extraordinary meeting held by the European Commission in Brussels, dedicated to discussing the economic, security, and energy implications of the current crisis on the European Union, at a time when concerns are growing about the continuation of tensions in the region and the widening scope of their impact on European markets. Von der Leyen stated that what is happening in the Middle East is no longer a crisis far from Europe, but has become 'a matter that directly affects Europeans,' noting that its impact is reflected in fuel prices, heating bills, the cost of basic goods, and the mounting pressure on supply chains and economic expectations. She added that the European Union has paid a heavy price in recent weeks due to the significant increase in the cost of importing fossil fuels, as the import bill increased by approximately 22 billion euros in just 44 days, without any corresponding increase in supplies. Von der Leyen clarified that the Commission will present next week, during the upcoming informal European Council in Cyprus, a package of practical proposals to deal with the current situation, which will include greater coordination among member states in the energy sector, targeted support for families and the most vulnerable sectors, and accelerating the transition towards a more independent European energy system. Regarding immediate measures, von der Leyen confirmed that the top priority is to enhance coordination among member states regarding filling gas and oil reserves, to prevent European markets from becoming a competitive arena between national governments, stressing the need to ensure that emergency measures that some countries might take do not weaken the single market or create distortions in competition within the Union. She explained that the Commission is working with member states to temporarily review state aid rules, which will give governments more room to support low-income households and sectors most affected by rising energy prices. On the front of reducing energy demand, the President of the European Commission called for accelerating energy-saving programs, building renovations, and updating industrial equipment, and increasing efficiency in energy-intensive sectors. Von der Leyen pointed out that more than 70% of electricity production in the European Union currently comes from renewable sources and nuclear energy, but she stressed that this is not sufficient unless the necessary infrastructure to integrate these capacities into the European energy system is enhanced. Von der Leyen announced that the Commission will present a new electrification strategy before the summer, which will include more ambitious targets to increase the share of electricity in industry, heating, and transport. She said that electrifying the European economy will increase its independence, reduce its reliance on external imports, and give households and companies greater price and cost stability.
