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EU says full Russian gas halt would slash GDP
Global Banking & Finance Review®
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By Kate Abnett
BRUSSELS (Reuters) – A full cut-off of Russian gas supplies to Europe, combined with a cold winter, could reduce average EU gross domestic product by up to 1.5% if countries do not prepare in advance, the European Commission said on Wednesday.
The European Union executive proposed a voluntary target for member states to cut gas use by 15% until March, to prepare for potential further gas cuts from Russia. It said a full Russian cut-off in an average winter could reduce average EU GDP by up to 1% if countries fail to prepare.
(Reporting by Kate Abnett; editing by Foo Yun Chee)
The European Commission is the executive branch of the European Union responsible for proposing legislation, implementing decisions, upholding treaties, and managing the day-to-day operations of the EU.
The energy market refers to the marketplace where energy commodities such as electricity, gas, and renewable energy are traded, influencing prices and availability based on supply and demand.
Economic growth is an increase in the production of goods and services in an economy over a period of time, typically measured as the percentage increase in real GDP.
A financial crisis is a situation in which the value of financial institutions or assets drops rapidly, leading to a loss of confidence in the financial system and often resulting in economic downturns.
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