The measures adopted so far by the EU have been insufficient to contain the impact of the gas crisis on firms and households. This column proposes an emergency gas policy package to deal with the crisis that threatens European economies and security of supply. The proposal combines an EU-wide gas price cap with binding gas-saving targets and a continued strong price incentive for users to cut gas consumption. The authors explain how these three policy measures would work together, enhance credibility, address concerns about implementing a price cap, and could accommodate the needs of different EU member states.[...]
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