Is a European Single Market for Energy Such a Good Idea?¶
LONDON—Whatever happens with the US-Iran peace process and global energy prices, the strategic implications of this year’s supply disruptions are already clear. The crisis is further confirmation of the need to phase out fossil fuels, both to mitigate climate change and to strengthen energy security. But for Europe, which remains heavily dependent on imported energy, some less obvious implications may ultimately prove more consequential. To address theprecipitous declinein its share of global GDP this century, Europe must lower its energy costs.