European Union (EU) Commission President Ursula von der Leyen made evaluations on energy prices, competitiveness, trade relations with China and the Union's future long-term budget at the press conference held after the EU Leaders Summit held in Brussels.
"The cost of fossil fuel imports has increased by 106 billion euros without the purchase of a single molecule of additional energy." von der Leyen stated that natural gas prices have increased by approximately 140 percent since the end of February, and diesel prices have doubled.
Reminding that member countries have different energy mixes, von der Leyen stated that there is no single solution to the crisis and that various steps need to be taken both at the global and European levels.
Von der Leyen stated that oil and diesel reserves will be released to the market over the next 4 months under the coordination of the International Energy Agency (IEA).
Stating that they will extend the duration and expand the scope of the temporary public assistance framework created in February, von der Leyen said, "We will postpone the implementation of the methane regulation for 1 year." he said.
Von der Leyen said that they would initiate a strategic dialogue with refineries in Europe in order to increase the EU's refinery capacity and reduce prices.
Stating that they will strengthen the existing structure for joint energy purchases, von der Leyen underlined that they will further the mechanism that brings demand together and matches buyers and sellers.
Von der Leyen noted that they aim for a market operator to purchase the necessary energy resources from the global market by using the common purchasing power of the EU.
Emphasis on nuclear and renewable energy
Stating that Europe will continue to be affected by developments beyond its control as long as it remains dependent on imported oil and natural gas, von der Leyen said that the transition to affordable, clean and European-produced energy sources should be continued.
Von der Leyen pointed out the importance of nuclear and renewable energy in this context and stated that imported fossil fuels should be replaced by electricity produced in Europe.
Stating that it is essential to modernize electricity networks to deliver cheap energy to the regions where it is needed, von der Leyen stated that the legislative process regarding the proposal they submitted to renew the Emission Trading System (ETS) should be completed quickly.
trade with china
Stating that they also discussed economic relations and trade imbalances between the EU and China at the summit, von der Leyen said that there is strong unity among the leaders on this issue.
Von der Leyen said: "We agree that China is an important trading partner for the EU. We want this partnership to be a fair, balanced and mutually beneficial relationship. But achieving these goals requires a comprehensive and rapid rebalancing." made his assessment.
Reminding that the EU's trade deficit with China will reach 1 billion euros per day in 2025, von der Leyen said, "This is a structural problem and we all agree that it cannot continue like this." he said.
Von der Leyen stated that they will use existing trade defense tools and take various steps, including additional protection measures.
Stating that they are working on new mechanisms to eliminate structural imbalances and that they will offer a new tool called "Diversify EU", von der Leyen said: "This tool will not target a specific country and will enable companies to reduce their risks faster." he said.
Stating that they will also propose a solidarity mechanism for member states that are exposed to economic pressure or retaliation, von der Leyen stated that this tool will allow to quickly limit access to the Single Market in cases where the interests of the Union require it.
Emphasizing that new tools are not an alternative to the full use of existing mechanisms, von der Leyen drew attention to the importance of Europe acting in unity.
Criticism of reducing flexibility in the budget
Referring to the negotiations on the EU's next long-term budget, von der Leyen said that there is no difference of opinion on common priorities and that the discussion focuses on how to achieve these goals.
Reminding that they have encountered unexpected developments such as epidemics, natural disasters, energy crises and wars in recent years, von der Leyen emphasized that there should be flexibility in the budget for the EU to intervene in crises.
Von der Leyen stated that the current negotiation document reduced the flexibility in the budget by 50 percent compared to today, and criticized the fact that 99.5 percent of the resources have already been fixed.
Stating that the world will not remain as it is today, von der Leyen noted that sufficient room for action must be maintained to respond to future crises.
