EU energy crisis: Spain’s economy minister hopes for ‘downward trend’ in electricity prices soon
03 April 2022 | 2:14 pm
Amid supermarket food rationing, a truck drivers' strike over petrol prices and rising inflation in Spain, the country's economy minister tells FRANCE 24 that it's "essential" for Madrid to be allowed to take measures to bring electricity prices down. "We're working with the Commission to have an authorisation to decouple our energy market and thus stop this price increase […] It doesn't make sense that Spanish and Portuguese citizens do not benefit from the fact that we have for instance at least 50 percent of our generation from renewables. This is very cheap and clean energy and our citizens should benefit from these low prices," Nadia Calviño explains.
Stock markets in Shanghai and Hong Kong slumped on Tuesday, as investors fear the impact of the latest Covid-19 lockdowns on China's economy. Nearly 30 million people are now living under restrictions in the country, including in the technology manufacturing hub of Shenzen. Also today, Volkswagen has suspended production of vehicles at some plants in Germany over a shortage of parts that are supplied from Ukraine.
Putin's war on Ukraine is having a devastating economic impact. Countries across Europe face spiralling prices and shrinking markets. Guests: Katja Gloger (Russia expert), Vendeline von Wedekind (The Economist), Vladimir Esipov (DW)
In mid-January, French presidential candidate Eric Zemmour said that English should no longer be used in EU institutions post-Brexit. However, English remains an official language of both Ireland and Malta. FRANCE 24's Georgina Robertson takes a closer look at what languages are spoken in Brussels.
Following independence in 1991, Ukraine's economic development was hamstrung by corruption, capital flight and a lack of reforms. Recent improvements are now being threatened by Russia's war in the country.
The Organization for Economic Cooperation and Development is warning that Russia's war in Ukraine will disrupt commerce and clog up supply chains, slashing economic growth and pushing prices sharply higher around the globe.
"It cannot be that an autocrat attacks a sovereign country which has the right to the integrity of its territory." That's the firm response directed at Russia from the President of the European Commission, Ursula von der Leyen. Speaking exclusively to FRANCE 24 about the war in Ukraine, the EU leader added that "democracy is standing up against autocracy and therefore we stand as one".
As people all around Europe feel the cost of living rise and see their bank balance ever more squeezed amid energy price rises, we're looking into proposals for ensuring meaningful minimum wages are paid to everyone around the European Union.
Some EU governments are pushing for an embargo on Russian oil and gas to punish Moscow for its war against Ukraine and force a Russian military withdrawal.
Russia's invasion of Ukraine has expedited the "Strategic Compass" security strategy, which allows the European Union to form a rapid reaction force. Germany has offered to provide the "military core."
At a summit on Thursday, the EU is to release its concept to bolster security and defense policy. It will include plans for a defense force but not one that competes with NATO, says DW's Bernd Riegert in Brussels.
The deal may force US tech giants like Google, Amazon, Apple and Meta to change their business practices and is designed to give rivals a better chance of survival.
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