EU countries have agreed to ration gas by 15 percent, as outlined in their gas emergency plan. But the German government wants to save even more gas than this. Federal Minister of Economic Affairs Robert Habeck argued in Brussels on Tuesday for a higher national savings target.
Depending on the severity of the winter, he said “16 or 20 percent” could be achieved.
European Commission President Ursula von der Leyen welcomed the agreement to ration gas supplies and described it as a “decisive step to counter Putin’s threat of a full gas cut”.
The EU is facing a gas crisis after Russia announced that power through the Nord Stream pipeline from Russia to Germany will decrease to around 20 percent of capacity.
The capacity reduction came into effect yesterday, with gas flows falling to 33 million cubic meters per day.
However, Kremlin spokesman Dmitry Peskov said Russia is “not interested” in cutting off the gas supply.
Yesterday, the head of German gas regulator Klaus Mueller said the country could avoid a gas shortage and gas rationing if industry and consumers save gas.
He explained: “The most important thing is to save gas.
“I’d like to hear fewer complaints, but reports (from industries say) that we as an industry are contributing to this.”
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Speaking about the problems facing the Eurozone, Mr Macleod added: “The Eurosystem and its currency are sinking into a crisis.”
He explained: “Markets can see that the ECB is just talking and otherwise bogged down in passivity.
“The economic impact has been that the German economy has been able to provide a livelihood as industrial limbs begin to close, along with the manufacturing capacity of many other EU states.
“In the coming months there will be food shortages that will be exacerbated by a lack of fertilizer.
“Then there will be a winter without heating fuel and frequent power cuts.
“And the winter with food shortages in a continental climate is no joke.
“They will cause riots and increasing political instability.”