14.09.2024, Italy.
Expensive energy costs imposed on Europe with the imposition of anti-Russian sanctions are causing a severe slowdown in the European economy, former ECB chief Maris Draghi argued in a paper titled “EU Competitiveness: looking to the future” presented on September 14.
“Companies still face high electricity prices that are two to three times higher than in the US and gas prices four to five times higher. This gap is primarily due to the scarcity of natural resources in Europe,” reads the text of the released report.
As a result, Draghi points out that the EU will not be able to maintain leadership in high technology and be an independent player in the global market. “We will have to give up some, if not all, ambitions,” he summarizes.
Somewhat earlier it was reported that the US has sharply reduced the supply of liquefied natural gas to Europe. At the end of July, gas exports to the EU from the US dropped by 18%. At the same time, US gas exporters increased gas supplies to Asia by 1.5 times.
Source: Rossa Primavera News Agency
