Prime Minister Kyriakos Mitsotakis has called for the establishment of a single line of defense by the EU as protection against the impact on energy prices by Russia’s invasion of Ukraine.
This proposed stance, expressed by Mitsotakis during a meeting in Bucharest yesterday with Romania’s leadership, as well as during an extraordinary summit of the European People’s Party, is expected to be reiterated at today’s emergency European Council meeting.
Europe must establish a common response to rising energy prices as a means of protecting consumers and businesses and limiting the continent’s exposure to gas price fluctuations, through a diversification of energy sources, the Greek Prime Minister supported during yesterday’s meetings.
According to sources, Mitsotakis will go into today’s European Council meeting with a specific proposal believed to entail utilization of the EU Emissions Trading System’s Market Stability Reserve that could lead to energy crisis support worth as much as 100 billion euros.
Last month, energy minister Kostas Skrekas presented a similar proposal at a meeting of EU energy ministers in France.
The Greek proposal could gain wider acceptance this time around given the grim forecasts of even higher energy costs.