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Price caps and freezes, business aid, energy imports… the list of bills is growing to tackle the energy crisis. This is the case in Germany where the government announced this Sunday, September 4 a massive aid plan to resist soaring prices.
Sixty-five billion euros for the purchasing power of German households and for businesses. Among these aids, a check for €200 paid to students and a one-time energy check of €300 for millions of pensioners, as well as an increase in housing allowance There is enormous concern in Germany where the Central Bank expects to 10% inflation by the end of the year. Olaf Scholz, Social Democrat Chancellor, at the head of a coalition formed with environmentalists and liberals, brought together the main figures of the government until late Saturday evening to finalize this plan, which has been awaited for several weeks. According to the boss of the German central bank, the Bundesbank, inflation – currently nearly 8% over one year – should reach 10% by the end of the year, a first since the 1950s.
Italy, where inflation reached 8.4% in August, is in a period of uncertainty with the announced departure of Mario Draghi in view of the legislative elections at the end of the month. A tension further illustrated this Sunday morning with the controversy sparked by Matteo Salvini, the leader of the far-right Italian party of the League who questioned the effectiveness of the sanctions against Russia. Particularly dependent on Russian gas, the country has signed new contracts in recent months with Congo, Angola, Qatar and Algeria. The cost of Italy’s energy imports will approach 100 billion euros this year, more than double last year.
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“Avoid a financial crisis”
Announcement in the last 24 hours also from Sweden which will provide financial guarantees to energy companies in the Nordic and Baltic countries. The closure of Nord Stream 1 should lead to higher production prices for electricity companies. Several billion euros are on the table for, according to the Swedish Prime Minister, ” avoid a financial crisis ».
And then in France, the cost of the energy shield was estimated at 24 billion euros. Among the measures taken by Paris, the ceiling at 4% of the increase in electricity prices and the freezing of gas prices. On the other hand, the French government has ruled out any drain on the exceptional profits made by certain energy companies thanks to the surge in market prices, unlike Germany. These must be put to use to relieve household bills, Chancellor Olaf Scholz said on Sunday. This compulsory contribution could bring in “several tens of billions of euros”, indicated the Minister of Finance.
(with agencies)
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