EU states have agreed to ration gas by 15 percent, as outlined n their gas emergency plan. But the German government wants to save even more gas than this. Speaking in Brussels on Tuesday, Federal Economics Minister Robert Habeck advocated a higher national savings target.
Depending on the severity of the winter, he said “16 or 20 percent” could be achieved.
EU Commission President Ursula von der Leyen welcomed the agreement to ration gas supplies, describing it as a “decisive step to counter Putin’s threat of a complete gas disruption”.
The EU is facing a crisis over its gas after Russia announced that flows through the Russia-to-Germany Nord Stream pipeline will fall to about 20 percent capacity.
The reduction in capacity came into force yesterday, with gas flows falling to 33 million cubic meters a day.
However, Kremlin spokesperson Dmitry Peskov said Russia is “not interested” in cutting off gas supplies.
Speaking yesterday, the head of Germany’s gas regulator Klaus Mueller said the country could avoid a gas shortage and gas rationing if industry and consumers save gas.
He explained: “The crucial thing is to save gas.
“I would like to hear less complaints but reports (from industries saying) we as a sector are contributing to this.”
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Speaking about the problems facing the eurozone, Mr Macleod added: “The euro system and its currency are descending into crisis.”
He explained: “Markets can see that all the ECB is doing is talking the talk and otherwise is frozen into inaction.
“The economic consequences have been to put Germany’s economy on life support with its industrial limbs beginning to shut down, along with the productive capacity of many other EU states.
“In the coming months, there will be food shortages exacerbated by lack of fertiliser supplies.
“Then there will be winter without heating fuel and frequent power cuts.
“And winter with food shortages in a continental climate is no joke.
“They will spark riots and growing political instability.”