Webinar | Quarterly EU Economic Update – How Much Closer Will Europe Come Together to Stay Warm This Winter?
The Russian invasion of Ukraine, as the world was just beginning to emerge from COVID, has been a huge shock to the global economy and no region of the world has borne the brunt of this shock as much as Europe. The war has led millions of refugees to seek safety in the EU, caused household food and energy bills to soar, and threatened the competitiveness of entire industrial sectors as the costs of basic inputs have mounted.
Yet the shock of the attack on Ukraine has reinforced the lessons learned from the pandemic namely that coordinated, collective action is the only effective response, and Europe is stronger & more effective when it acts in unison. The war has thus been a galvanizing force that is bringing the EU closer together.
It is now clear that the green energy transition is not simply a matter of combating climate change, but that making Europe independent from Russian fossil fuel imports is a strategic necessity. The EU and its Member States are already executing a host of policy measures, some initiated during the Covid 19 Pandemic, that will mobilize hundreds of billions of euros in new energy investments, contain energy prices and bring inflation back under control, and support freedom and democracy in Ukraine.
With winter fast approaching, these efforts have already begun to bear fruit.
• Natural gas reserves are over 90% full, and Russian imports have fallen from 40% last year to under 10%.
• Construction of new energy infrastructure is beginning, households and businesses are receiving support to ease the pain of high energy bills.
• The Ukrainian people are getting aid that will allow them to continue their stand against Russian aggression.
But these early successes have not resolved all of the challenges that lie ahead. The economic outlook is complex: the EU faces the prospect of a recession in 2023, many member states may face fiscal constraints as they seek to provide for needed investments and social spending, and risks are, to say the least, tilted to the downside.
In this fluid and challenging geo-political environment, be sure to join us for a discussion of the EU Commission’s latest economic forecast and learn more about:
• How the EU is simultaneously attempting to cushion Europe from the economic shocks it is facing, including how Member States are implementing significant structural reforms to counteract these economic challenges.
• How Europe is investing in new and innovative renewable energy technologies that could put European firms at the leading edge of green innovations.
• The west’s resolve and resilience as it combats authoritarian threats to liberal democracy and the rule of law.
• Ben Carliner, Senior Economist, EU DELEGATION TO THE UNITED STATES
• Balazs Parkanyi, Counsellor for Economic and Financial Affairs, EU DELEGATION TO THE UNITED STATES
• Debora Revoltella, Director – Economics Department, EUROPEAN INVESTMENT BANK
• Yvonne Bendinger-Rothschild, Executive Director, EACCNY [Moderator]
1:00 – 2:00 PM ET | 19:00 – 20:00 CET
EACCNY Members: Free
EACCNY non-Members: Free