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The European Commission is proposing to EU countries to introduce a “correction mechanism” for gas prices to temporarily apply a maximum price during periods of “exceptionally high prices” on the European gas market. The ceiling for the European wholesale price should be predefined concerning the cost of liquefied gas (LNG) on the world market and adjusted monthly. The correction mechanism is activated if the gas price on the leading Amsterdam gas market exceeds the maximum and is automatically deactivated as soon as possible, the committee writes in a plan submitted to the EU ambassadors. She argues that the temporary mechanism should prevent suppliers from selling their gas elsewhere, which would jeopardize supplies in the EU. EU leaders have asked the executive board of the...

The economy in the eurozone continued to grow in the third quarter, reports the European statistical office Eurostat. However, growth is less strong than in the second quarter, when the economy was still progressing strongly due to the reopening of the economy after the corona restrictions. Meanwhile, high inflation and interest rate hikes to limit this depreciation also affect economic growth. The eurozone economy was 2.1 percent larger in the third quarter than a year earlier. Across the European Union, the economy had grown 2.4 percent. However, in both areas, growth compared to the second quarter was 0.2 percent. Portugal had the strongest annual growth at 4.9 percent of the countries that already provided data. The economy in Latvia has already contracted. Major economies...