Brussels has called on EU countries to phase out energy subsidies

EU Flag / Photo: EPA-EFE / STEPHANIE LECOCQ

A Brussels official has called on European Union countries to begin phasing out massive energy subsidies for consumers as they prepare to reintroduce budget rules three years after the outbreak of the coronavirus pandemic, reports the Bulletin of the Energy Agency of Serbia, Danas.rs reported.

The European Commission unveiled its plan to restore the Stability and Growth Pact, which was suspended at the start of the pandemic in 2020 as EU governments spent huge sums to support their economies and provide healthcare, the Financial Times reports.

Rising energy prices as a result of the war in Ukraine last year prompted member states to provide support to households and businesses struggling to pay their bills.

However, the European Commission said the measures should now be withdrawn. Governments spent 1,2 percent of EU GDP in 2022 on energy subsidies and plan to spend 0,9 percent in 2023.

– As the energy prices decrease, we should move towards the gradual abolition of most of the support measures, starting with those that are least targeted – said Valdis Dombrovskis, Executive Vice President of the Commission.

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