“The euro is our most tangible demonstration of European strength and unity” in the face of soaring inflation caused by Vladimir Putin’s invasion of Ukraine, writes Ireland’s finance minister in a guest essay
is great. In the midst of this, the euro is our most tangible demonstration of European strength and unity.
At the same time, our measures should accelerate decarbonisation and reduce energy dependence on Russia. Thehas already taken steps to reduce its carbon emissions by at least 55% by 2030, through modernising its emissions-trading system, investing massively in renewable energy, enabling industry and transport to use substitutes for fossil fuels and encouraging behavioural changes to reduce energy usage. These changes are necessary but certainly not sufficient.
Together with the European Central Bank’s decisive tightening of monetary policy, these budgetary and energy policies should reduce inflation back to its 2% target, while at the same time protecting citizens, businesses and the climate. It is imperative that monetary, fiscal and energy policies act in unison. Lack of progress in one policy strand increases the difficulty for policymakers in other domains.
Danmark Seneste Nyt, Danmark Overskrifter
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