Pressure on Germany as energy crunch revives EU divisions over joint debt

Pressure on Germany as energy crunch revives EU divisions over joint debt

2 months ago

BRUSSELS: Two top European Union officials on Tuesday (Oct 4) called for joint borrowing to help the 27-nation bloc navigate the energy crunch together, after Germany faced criticism for going its own way with huge subsidies its peers could never afford.

The energy price crisis - aggravated by Russia slashing gas supplies to the EU following Western sanctions over Moscow's war against Ukraine - is threatening recession in Europe as it recovers from the COVID-19 pandemic.

Scrambling to respond, EU leaders are set to ask the bloc's executive arm on Friday to work out how to tackle soaring inflation through a cap on gas prices, funded by joint borrowing.

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