“We weren’t naive, we were greedy”

Brussels The Vice President of the EU Commission, Margrethe Vestager, is preparing the Europeans for permanently high prices. A large part of European industry is based on “very cheap energy from Russia, very cheap labor from China and highly subsidized semiconductors from Taiwan,” she said in an interview with the Handelsblatt.

Europe was not naive about these risks, but greedy.

European states cannot simply accept such dependencies as part of the deal, she said. Europe must diversify its trade and accept higher prices. Recycling must be expanded. Consumers would ultimately have to pay for these changes.

In view of the rising gas prices, Vestager was cautiously optimistic. If the Europeans succeed in buying liquefied natural gas together, this could stabilize and lower prices, she promised. She warned against state price caps on gas: The electricity generated with the subsidized gas would then flow into neighboring countries.