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A new report by the German think-tank Dezernat Zukunft shows that 50 percent of all inflation in 2022 was caused by higher fossil fuel costs driving up the price of energy.
Although final fiscal rules are uncertain and eventual budget cuts will likely be subject to negotiation between the commission and individual member states, Thursday's announcement points to a general tightening of the purse in Europe.
EU finance ministers meet in Stockholm to negotiate new spending rules, with frugal Germany expected to clash with France and Italy. Meanwhile the proposal has been criticised by economists for not leaving enough room for climate investment.
In response to the US Inflation Reduction Act, the EU has announced its own package of counter-subsidies. The question is whether a green industrial arms race will speed up the transition to clean energy or derail it.
Contrary to what Russian President Vladimir Putin has claimed, and what political scientists like John Mearsheimer believe, Nato enlargement did not cause