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Today, April 23, EU leaders are traveling to Cyprus for a summit aimed at tackling various issues, with rising energy costs being a primary concern, the article mentions. The operation by the US and Israel against Iran has caused a significant increase in oil and gas costs.
The situation in the Middle East has created risks of shortages of essential products, such as jet fuel, and has inflicted lasting harm on Gulf production capacity, according to the FT.
The newspaper notes that for the weakened EU economy, this crisis represents the third one in the past six years, succeeding the COVID-19 pandemic and the 2022 energy crisis triggered by the Ukraine conflict. According to the FT, this implies that EU member countries possess minimal fiscal space remaining to address the recent issues, and that the European Commission acknowledges the challenge of implementing hasty actions, like using public funds to subsidize fuel costs.
source: ft.com
The situation in the Middle East has created risks of shortages of essential products, such as jet fuel, and has inflicted lasting harm on Gulf production capacity, according to the FT.
The newspaper notes that for the weakened EU economy, this crisis represents the third one in the past six years, succeeding the COVID-19 pandemic and the 2022 energy crisis triggered by the Ukraine conflict. According to the FT, this implies that EU member countries possess minimal fiscal space remaining to address the recent issues, and that the European Commission acknowledges the challenge of implementing hasty actions, like using public funds to subsidize fuel costs.
source: ft.com