gas dragons price cap agreement in europe

Mario Draghi bids farewell to politics as Prime Minister speaking in Brussels on the sidelines of the European Council on October 21. The same day that Giorgia Meloni receives the task of forming the new government of Sergio Mattarella in Rome.

“This is my last press conference in Brussels, and my last as prime minister,” Draghi said. “I want to thank you all journalists, especially you based in Brussels. Telling what is happening here is difficult, it may take long nights but it is essential. Prime Minister Mario Draghi said so during a press conference. “The EU is fundamental, Italy must be at the center of the European project with the credibility, the authority, the determination that befits a great country like ours,” he added.

Photo Ansa / Filippo Attili

“We have always said that the response to the crisis must be European, we must preserve the unity of our countries, which is essential to impose maximum pressure on Russia,” Draghi added. “We must preserve the single market, prevent the risk of financial instability. A strong European response is essential for Italy and also for Europe,” added the outgoing Prime Minister. And he then recalled how the conclusions of the European Council “show that the Union is united. The package welcomes all proposals from Italy”.

Draghi: “We will have lower bills”

“The decision of the night led to a drop in the price of gasoline. After the deal, prices lost 10%, showing that the speculative component is relevant. This is how the crisis was managed from the start. And that will soon translate into lower bills,” Draghi said at the final press conference. “We expect that” in the coming weeks “the energy ministers as well as Ecofin reach an operational decision” on energy and “the financing of the common fund. This is the hope that the whole of the European Council has expressed”.

The President of the European Council, Charles Michel, with Mario Draghi. Photo Ansa

“Italy is a very strong state and has shown enormous power and credibility. And Italy’s economic performance is doing very well,” Draghi added, responding to those who asked him about the possible reactions of the markets when he left Palazzo Chigi. Concretely, on October 20 and 21, an agreement was reached at European level for the gas photo-finish, after 12 hours of tension, cross attacks, elongated faces. Then, the photo finish agreement.

The energy dossier and the price cap

The EU saves unity in the face of the Russian enemy on the most difficult dossier, that of energy. He does this by classifying, word for word, conclusions that remain ambiguous enough to leave the 27 half-satisfied. But for the party of the price cap and the new Sûre on energy, the agreement marks progress. At least compared to twenty days ago, when everything seemed to be falling apart. So much so that Mario Draghi, leaving the Europa building, underlines: “It went well”. The agreement indeed puts on paper “the urgency of concrete decisions” to be taken on gas. It will now be up to the new right-wing government to advance Italy’s interests in Europe.

The Milan Famagosta cogeneration and district heating plant. Photo Ansa / Matteo Coin