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The energy crisis: what emergency measures did the European Union introduce in response?
[Faire face à la crise énergétique : quelles réponses d’urgence apportées dans l’Union européenne ?]

Author

Listed:
  • Juan Carluccio
  • Arthur Stalla-Bourdillon
  • Jean-Baptiste Gossé
  • Florian Le Gallo
  • Aymeric Schneider
  • Niamh Dunne
  • Guillaume Gaulier

Abstract

This bulletin attempts to evaluate the effect of emergency measures introduced by European Union (EU) Member States in 2022 to counter the energy crisis, and their impact on inflation. It analyses their economic consequences with regard to their three objectives: (i) lowering energy bills for households and firms; (ii) minimising the cost to public finances; and (iii) reducing demand for energy and securing energy supplies. The EU attempted to introduce measures aimed at all three objectives. In parallel, national authorities adopted two types of response: directly acting on energy costs for consumers (notably France and Spain) or paying subsidies to households and enterprises (Germany and the Netherlands). Ce bulletin vise à évaluer l’effet des mesures d’urgence prises par les États membres et l’Union européenne (UE) en 2022 pour faire face à la crise énergétique et leur impact sur l’inflation. Il analyse les conséquences économiques de ces mesures au regard des trois objectifs i) de réduction de la facture énergétique pour les ménages et les entreprises, ii) de soutenabilité pour les finances publiques, ainsi que iii) de réduction de la demande énergétique tout en assurant la sécurité d’approvisionnement. L’UE a tenté d’apporter des réponses visant ces trois objectifs. En parallèle, les autorités nationales ont adopté deux catégories de mesures : agir directement sur le coût pour les consommateurs (en France et en Espagne notamment) ou accorder des subventions aux ménages ou aux entreprises (en Allemagne et aux Pays-Bas).

Suggested Citation

  • Juan Carluccio & Arthur Stalla-Bourdillon & Jean-Baptiste Gossé & Florian Le Gallo & Aymeric Schneider & Niamh Dunne & Guillaume Gaulier, 2024. "The energy crisis: what emergency measures did the European Union introduce in response? [Faire face à la crise énergétique : quelles réponses d’urgence apportées dans l’Union européenne ?]," Bulletin de la Banque de France, Banque de France, issue 253.
  • Handle: RePEc:bfr:bullbf:2024:253:06
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    References listed on IDEAS

    as
    1. Mai Dao & Allan Dizioli & Chris Jackson & Pierre-Olivier Gourinchas & Mr. Daniel Leigh, 2023. "Unconventional Fiscal Policy in Times of High Inflation," IMF Working Papers 2023/178, International Monetary Fund.
    2. Colin Baget & Guillaume Gaulier & Juan Carluccio & Arthur Stalla-Bourdillon & Jean-Baptiste Gossé & Florian Le Gallo & Aymeric Schneider, 2024. "The gas price shock: never again? [Choc gazier : plus jamais ça ?]," Bulletin de la Banque de France, Banque de France, issue 252.
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