EU governments failing to contain escalating energy crisis
Jerome Hughes
Press TV, Brussels
It is blatantly obvious that Brussels is losing its energy war with Moscow as prices across the 19-country eurozone continue to skyrocket. Washington is benefiting by selling gas to the EU at a high price. Eurozone finance ministers met on Monday to assess the crisis.
The poorest are feeling the pain most. Eye-watering amounts have been spent to try and compensate.
Of course, it's all linked to the EU's attempts to isolate Russia over the war in Ukraine; it's costing EU taxpayers billions of euro to house Ukrainian refugees, supply weapons to the Ukrainian army and fund the government in Kiev. Ordinary workers will have to pay for it but the eurozone economy is beginning to flatline.
It appears the European Union is now in damage-control mode.
Peace activists are calling on the EU to mediate between Russia and Ukraine, but those calls appear to be falling on deaf ears. Many people are now nervously wondering, is there an unemployment catastrophe looming in the eurozone?
Whether they are being overly pessimistic or merely realistic, there's no doubt a growing number of economists are suggesting the eurozone is heading for a deep, prolonged recession.
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