EU Economic Commissioner Paolo Gentiloni in June 2021

European Economic Commissioner Paolo Gentiloni says European inflation will ease in 2023 if measures taken to keep Russian oil and gas prices down prove effective said it should.

In an interview with Bloomberg TV at the Ambrosetti Forum in Cernobbio, Italy, Gentiloni is confident that a “parallel” initiative by the G7 and the European Commission will bring inflation down gradually. said.

Higher energy prices have contributed about 40% of Europe’s recent consumer price hikes, more than in the United States, he said.

“Of course, I’m not saying this will go back to where it was two years ago, but it will probably peak next year and start declining,” Gentiloni said.

His assessment follows a July survey of professional forecasters at the European Central Bank, ahead of the latest energy price spike that sees eurozone inflation plummeting in 2023 and then into 2024. is consistent with

G-7 finance ministers on Friday agreed on a plan to introduce a global price cap on oil purchases from Russia starting in December. Separately, the European Union is considering options to impose price limits on energy.

The commissioner, who served as Italy’s prime minister from 2016 to 2018, also said Europe could do more to ease the energy crisis by focusing on common procurement, calling it an important “progress”. rice field.

But designing a common strategy for energy purchases is not easy because “oil and gas is not like a vaccine. I’m here,’ he said.

©2022 Bloomberg LP

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