“I fear a social emergency”

Brussels The EU Economic Commissioner Paolo Gentiloni is concerned about social cohesion in Europe. The rise in mortgage interest rates could lead to a “social emergency,” he warned in an interview with Handelsblatt and the French newspaper “Les Echos.” This particularly applies to countries like Spain, where many property buyers have taken out loans with variable interest rates.

In order to support the economy, Gentiloni spoke out in favor of “joint European investment projects”. The issue of new EU bonds must also be discussed. Gentiloni is skeptical about an industrial electricity price: “We would be underestimating the problem for our competitiveness if we believed that national subsidies were the solution,” he said.

Rather, a “mix of national and joint European measures” is necessary. “If we increase the economic differences between the EU states, we will not help the German, Italian, Dutch or French economies,” warned Gentiloni. “We would only deepen divisions that are dangerous for the future of the EU.”