MESTRE (VENEZIA) (ITALPRESS) – The appeal comes from the CGIA: in addition to the temporary suspension of the Stability Pact, Brussels also defines a long-term structural measure. Basically, a Next Generation EU bis which, on a voluntary basis, allows Member States to access the resources (lost and loans) necessary to deal with more solidity both the military and geopolitical crises in place and the transition to the use of sustainable energy sources. In just over a month of war, gas, electricity and fuel prices have risen considerably, fuelling the widespread fear that this shock can trigger a new economic recession. Not only: it is now evident, CGIA emphasizes, that the measures taken by individual EU countries are not effective, as temporary, with a very low economic impact and, above all, in total absence of coordination. It is clear to all that no country alone has the resources necessary to hold the impact. It therefore serves a supranational direction which, as already happened in post-Pandemia, supports the most fragile economies in the common interest. In other words, from Brussels, we expect a change of pace with respect to what has been seen so far: that is, little or nothing. The European Union must allow – and coordinate – Member States’ interventions to mitigate fuel and energy recovery for three fundamental reasons: macroeconomic stability, social cohesion and the functioning of the internal market. First, energy shocks are typical traumas that can be traced back to the offer, with very regressive effects. The increase in fuel prices, light and gas is quickly transmitted to production costs and final prices, fueling inflation from costs and compressing real incomes. In the absence of intervention, restrictive monetary policy becomes the only means of response, with disproportionate recessive effects. Enable States to sterilize these wastes (by means of tax reductions, targeted subsidies or compensation mechanisms) helps to break inflationary transmission without depressing aggregate demand. Secondly, there is a question of equity and social stability.
Energy is an essential asset and its income impact is greater for low and medium-income families. Without correctiveness, inequalities and risks of energy poverty are expanded, with political consequences. A coordinated EU-wide intervention avoids fragmented and uneven responses that could accentuate differences between countries. Finally, the internal market requires fair competition conditions. Differences marked in energy prices, due to divergent national fiscal capacities, distort competitiveness between European firms. A European framework that authorises and harmonizes national interventions (also through flexibility on State aid and tax rules) reduces such distortions and preserves the conditions of equality. In addition to a structural measure which, over 5-7 years, accelerates the energy transition by reducing dependence on fossil sources, it is necessary to temporarily suspend the Stability Pact, allowing Member States to contain expensive energy without impact on the deficit/Pil ratio. At the same time, as already happened in 2022-2023, Brussels should authorize the cutting of VAT on bills, introduce a roof at the price of gas to stem volatility and provide a contribution of solidarity on the extra profits of the great multinationals of energy that are now making scary profits. Finally, the table remains a very controversial but never really implemented measure: the decoupling between gas price and electricity, considered increasingly necessary to reduce market exposure to such violent shocks. Without a “coperture” of the EU, it appears evident – as evidenced by both the decree bills in the phase of approval to the Senate and the decree fuels bis approved yesterday by our government – that the measures of sterilization of the increases of the energy products taken by the individual States are not incisive and completely insufficient.
Net of the cut of excise approved by the Meloni government on 18 March last and extended yesterday always from our executive until next 1 May, the average price of diesel in self mode in just over a month of war in the Middle East has passed from 1,720 euros/liter to 2.084 (+21.2 percent) and that of gasoline from 1,670 euros/liter to 1,758 (+5.3 percent). The price of the oil pump for self-traction was dragged by the Brent quotation, which in the same period was “exploded” even by 54.1 percent. With regard to the exchange prices of electricity and gas, in this month of hostility the first rose from 107,5 euros/MWh to 122,7 (+14,2 percent), the second from 32 euros/MWh to 51,2 (+60.2 percent). An evolution that, inevitably, will reflect on the bills, with perspectives far from reassuring. In particular for the most fragile families economically and for the most energetic and gaseous enterprises.
– photo IPA Agency –
(ITALPRESS).
