Rising oil prices: Commission calls for swift adoption of energy and climate policies as best coordinated response
The European Commission has today debated the policy responses needed to mitigate the effects of rising global fuel prices. Based on today's conclusions, President Barroso will present a communication, to be adopted in good time to be discussed at the European Council on 19-20 June in conjunction with the recent Commission communication on rising food prices. The College of Commissioners analysed both structural and cyclical factors and proposes a co-ordinated policy response, including immediate, medium and long-term policy options. Based on Commission proposals made over the last two years, these include stepping up the drive for energy efficiency in business and private households, a commitment to make proposals on the transparency of commercial oil stocks by the end of the year and support for the organisation of a global fuel summit between main producing and consuming countries to discuss a wide range of issues related to the balanced functioning of oil markets. The Commission agreed that member States take short term initiatives to support the most deprived sectors of the population. These measures should fit into a co-ordinated strategy and should avoid distorting effects on the internal market or on fiscal and monetary policy.