- EU fiscal rules should be simpler, allow for strategic investment while safeguarding fiscal sustainability
- To publish ideas for changes to EU fiscal rules in October
- Will propose measures to cap revenues from low-cost electricity generators, force fossil fuel firms to share profits
- Will work on establishing a more representative gas price benchmark than the TTF
- Having discussion on price caps, need to keep working to lower gas prices
- Proposing measures for member states to curt their overall electricity use
That's a big message and it is one that they aren't going to be shying away from. Fiscal aid is coming to the rescue in Europe (and the UK) and that might be a big signal for markets, though the financial repercussions/costs are also something to be wary about since it comes at a time when central banks are tightening policy by raising interest rates.
In justifying all this, she says that Russia is "manipulating the energy market" to the extent that it is "not functioning anymore". Hence, the measures set to be proposed above are in response to that. So yeah, you can rip the old fiscal rulebooks basically. Lawmakers are going to be making it up as they go along and that seems to be the name of the game when dealing with the energy crisis in Europe.
/EUR