The Eurogroup will meet today in Brussels.
The group will exchange views on economic developments in the Euro area, based on the draft budgetary plans recently submitted by the member states. They will also discuss strategies for future fiscal policy coordination.
The meeting follows last month’s European Council, in which EU leaders called on the Council and the Commission to submit decisions on additional measures to counteract the energy crisis, including a temporary framework to cap gas prices. However, there are strong differences in views among the member states on what this framework should look like. Germany and Hungary oppose the cap altogether, fearing a negative impact on supply, while Poland and Italy support extending the cap even further to include gas imports.
The Eurogroup will likely echo the sentiments of the European Council, and perhaps push for more unity in EU purchases of gas. Regarding the cap, the Union will convene an extraordinary meeting with the intent of approving it at the end of the month. However, the fact that gas prices continue to decrease, recently falling below $99 for the first time since June, may reduce any sense of urgency around implementing such a measure.
Laurence is an Analyst and weekly contributor to The Daily Brief, he focuses on geopolitical and economic issues occuring in Europe and Eurasia.