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According to the International Monetary Fund (IMF), Europe’s energy crisis is not yet over. “I believe that we are not out of the woods yet and that energy prices could rise again,” said IMF Vice President Gita Gopinath to the “Handelsblatt”.
Energy markets are “still volatile, as we saw recently when OPEC cut oil production and prices picked up again.” Expensive energy is having a negative impact on the German economy, Gopinath added. “For an industrial nation with a strong manufacturing sector, that makes a big difference.” Regarding the federal government’s decision to shut down the last nuclear power plants, the economist said that energy policy is a national matter.
However, it is crucial that “every country has sufficient reserves and resilience in terms of energy supply to be able to react to shocks and a tense geopolitical situation,” said Gopinath.
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