Belgium in Brief: EU leaders commit to cutting gas prices

Belgium in Brief: EU leaders commit to cutting gas prices
Credit: Belga

As yesterday's fireworks in Westminster focussed attention on the spectacular implosion of the UK government, EU heads of state came together in Brussels to deal with the hot topic of gas and find some way to control the run-away prices.

Despite their differences, leaders of the world's largest trading bloc sat calmly (we are told) around the negotiating table until the small hours of Friday morning. The long discussions were not in vain, with European Council President Charles Michel celebrating an agreement to secure EU energy supply.

The deal would see the Member States buy gas collectively on international markets in order to obtain better prices for individual nations. This would bring the additional benefit of solidifying EU unity, which is fitting given that the bloc was born out of the vision to promote international harmony through shared energy resources.

Belgium's PM Alexander De Croo has been calling for an EU price cap for months, repeatedly claiming that Belgium by itself cannot bring down the price of gas (despite some other Member States managing to do just this). With characteristic restraint, De Croo qualified his enthusiasm by acknowledging that there is "still a long way to go" yet he affirmed his confidence that this is a "decisive" and sincere mark of progress.

Whilst the 27 Member States have agreed to the principle of harmonising gas purchases, the practicalities still have to be ironed out by energy ministers next week. In addition, the deal aims to take effect in time for next year's season of replenishing gas reserves, meaning that anyone hoping that the agreement could bring relief this winter will be disappointed.

All the same, with Eurocrats already issuing warnings that the energy woes hitting now will take more than a year to resolve, this deal is undeniably good news, if you can see beyond your next gas bill.

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