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MUNICH — Hit hard by the COVID-19 pandemic and the war in Ukraine, the European Union needs money. And given that Paolo Gentiloni, the bloc’s economy commissioner, cannot get it directly from the EU’s member states, he wants to borrow it. The purpose does not seem to matter. What matters is that the Commission receives money, lots of it, even if that means amassing a mountain
In both the short and the long term, Germany will be unable to end Russian gas imports without triggering economic chaos and public outrage.
MUNICH — Germany long regarded its energy transition as cutting edge, compared to other Western industrialised countries. Policymakers expected that the country would be able to secure its energy supply entirely from renewable sources, so they resolved to phase out coal and nuclear energy simultaneously. The last three of Germany’s 17 nuclear power plants are set to be shut
Having emerged from the anti-nuclear movement, today’s European Greens never dreamed that once-ostracized nuclear power would regain respectability as a clean alternative.
MUNICH — With its 2020 “taxonomy for sustainable activities”, the European Union found a way to use the European Central Bank (ECB) to steer capital markets by directly subsidising interest expenses for “green” investment projects. Many European politicians, especially those from Green parties in German-speaking countries, have applauded this approach. But now, they are