Impact of the energy crisis on the European economy

Key points

The EESC:

• Believes the EU needs to move beyond emergency fiscal responses and focus on structural changes to allow it to decouple from fossil fuels more quickly. To ensure its smooth and competitive economic development, the EU needs reliable and secure deliveries of affordable energy based on an integrated energy market with a large share of clean energy, which is resilient and able to face disruptions and shocks.
• Suggests establishing a "Green triple-T" criterion building on the ECB recommendations, so that future interventions are tailored, targeted and transition-proof. Untargeted price measures would only prolong the period of elevated inflation in the longer run.
• Asks for an adequate long-term framework for robust financing of the Green Deal implementation in order to support measures financing the transition to a climate neutral economy in a simple and efficient manner.