While cutting red tape has long been a priority for governments, a sudden surge in energy prices has sent EU leaders scrambling for ways to avert a full-blown crisis.
The price of a barrel of oil broke the $100 mark on Monday as the war in the Middle East — sparked by U.S. and Israeli strikes on Iran — entered its second week.
The finance ministers of Canada, France, Germany, Italy, Japan, the U.S. and the U.K. held talks on Monday to coordinate a possible release of strategic oil reserves to head off the prospect of an inflation shock rocking the world economy.
Germany, Belgium and Italy also previously hosted a get-together to align their positions and set the agenda ahead of February’s European Council in Alden Biesen, which focused on cutting red tape for businesses.
After that EU leaders’ summit, European Commission President Ursula von der Leyen said she would present an action plan for how to bolster the bloc’s economy at the March meeting.