“Electricity and gas prices are still affecting a large part of the French economy,” said the French finance minister.
Industrial production in France fell in the third quarter of 2022 by 10% due to increases in energy prices, Finance Minister Bruno Le Maire said during a meeting with trade union representatives.
“Electricity and gas prices are still affecting a large part of the French economy,” said Lemaire.
To support businesses, especially SMEs, the minister analyzed, once again, the two measures he intends to implement: the simplification of the “natural gas and electricity” emergency aid, which is already in place but is used very little, as well as the implementation on a European scale of the “Iberian mechanism” which allows the decoupling of natural gas and electricity prices.
Similar concerns were expressed by the Deputy Minister of Industry, Roland Lescure, pointing out the inherent risks of relocating production. According to him, the priority is to reassure the energy markets with a European mechanism, but also to extend the goal of the French aid plan of 3 billion euros: “We must manage to reassure the energy market, as we did for the financial markets in 2008. We have to put the package on October 20 and 21, to have a European agreement, for a Spanish-style system, for example,” he said in an interview with a French newspaper, stressing the following: “We will have a difficult winter, but this is not must in no way jeopardize the competitiveness of European industry. We need industry to achieve full employment and achieve a decarbonisation of the economy.”
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