- EU's von der Leyen proposes to raise more than €140 billion to tackle energy crisis
Market news
EU's von der Leyen proposes to raise more than €140 billion to tackle energy crisis
“The European Union (EU) proposes to raise more than €140 billion for member states to tackle the energy crisis,” European Commission President Ursula von der Leyen said in a State Of European Union address to the European parliament.
Additional quotes
EU fiscal rules should be simpler, allow for strategic investment while safeguarding fiscal sustainability.
To publish ideas for changes to EU fiscal rules in October.
Will propose measures to cap revenues from low-cost electricity generators, force fossil fuel firms to share profits.
Will work on establishing a more representative gas price benchmark than the TTF.
Having discussion on price caps, need to keep working to lower gas prices.
Proposing measures for member states to curt their overall electricity use.
Market reaction
EUR/USD regains parity, as the recovery post-US CPI-led sell off extends into the European session. The spot is currently trading at 1.0001, up 0.32% on the day.
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