(Finance) – The roof at gas price, that is the price cap, in its temporary dynamic version managed to survive the German reserves and is clearly mentioned in the final conclusions of the EU Council. It has been established that the “ceiling” must not jeopardize the security of gas supply, must not lead to an overall increase in gas consumption, must not prevent flows of gas intra-EU market-based and must not affect the stability and the ordered operation of the markets derivatives energetic. These protections, as established in Brussels, must be accompanied by that linked to long-term contracts stipulated bilaterally by a member country with a third state.
The leaders also agreed on a sort of “trust clause“linked to the measures on the energy dossier: the future steps will be managed by the next Energy Affairs Councils but if one of the governments believes that we are moving in a direction that violates the safeguards, they can ask to bring the dossier back to the European Council level.
“The decision of the night led to a drop in the price of gas after the agreement quotes they lost 10% showing that the component speculative it is relevant. This is the world where the crisis had to be addressed from the beginning and it will soon translate into lower bills, “he said. Mario Dragons in the press conference at the end of the EU Summit. “We expect that” in the coming weeks “the energy ministers and also Ecofin will reach an operational decision” on energy and “the financing of the common fund. This is the hope that the whole European Council has expressed”.
“We have always said that the answer to the crisis it must be European, we must preserve the unity of our countries, which is essential to impose maximum pressure on Russia“, Draghi added.” We must preserve the single market, prevent the risk of financial instability. A strong European response is essential for Italy and also for Europe “, added the premier, recalling how the conclusions of the Council” show that the EU is united. The package welcomes all the proposals from Italy “.