Europe is at the epicenter of an unprecedented energy storm. In recent months, three simultaneous shocks have pushed the European Union (EU) into the worst energy crisis it has ever known.
Le Monde writes about it.
The first shock that hit global energy markets is a continuation of the pandemic. In the midst of the Covid-19 crisis, in 2020-2021, investment in oil and gas plummeted, resulting in a deep imbalance between energy demand and supply. As a result, all fuel markets faced a shortage of supply and high prices.
Three Brueghel Institute economists Ben McWilliams, Simone Tagliapietra and Georg Zachmann, in their Le Monde column, are calling for a historic European Union energy deal to reduce fossil fuel consumption in the long term.
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