A sharp rise in oil and gas prices amid the US and Israeli military operation in #Iran could deal a devastating blow to the European economy, but European authorities lack the means to mitigate its consequences, The Wall Street Journal (WSJ) repo...
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...rted. The public debt of some European countries, particularly the #UK and #France, is reaching 60-year highs, according to the publication. Borrowing costs are rising across the continent, with businesses and households lacking the cushion of government payments such as those used during the COVID-19 pandemic. In 2022, when energy prices in the European Union soared due to the refusal to import from #Russia, #EU governments allocated billions of euros to support households and businesses....
... This time European governments lack such financial resources, the publication said. At a plenary session of the European Parliament on March 11, European Commission President #Ursula von der Leyen announced a 50% increase in gas prices, and a 27% rise in oil prices in the European Union since the beginning of the conflict in the Middle East. The first 10 days of the conflict cost European taxpayers an additional 3 bln euros spent on fossil fuel imports, she said.