Merz Sets Crisis Talks to Tackle Energy Price Impact on Germany

Article content(Bloomberg) — Chancellor Friedrich Merz said he plans to convene Germany’s national security council to discuss the global energy crisis, signaling increased concern about its impact on Europe’s biggest economy.Sign In or Create an AccountEmail AddressContinueor View more offersArticle content“We will convene a meeting of the National Security Council in Berlin very shortly,” Merz said in a speech at the Hannover Messe trade show Sunday, which he attended with Brazilian President Luiz Inacio Lula da Silva. The council is empowered to take immediate action to ensure Germany’s energy security if needed, Merz said.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle content“The German economy and its citizens must be able to rely on the fact that the supply of central products such as gasoline, diesel and aviation fuel remain guaranteed,” Merz said. “At the moment, the market situation is tense, but the supply in Germany is secure.” Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentShould the situation escalate, “we are prepared with measures,” Merz added. He didn’t specify what action the government might take.Article contentDeutsche Lufthansa AG, like other global airlines, has announced cuts to to its flight schedule in response to dwindling jet fuel reserves. Merz’s government has decided to reduce taxes on automotive fuel for two months to provide relief to drivers in Germany, where the average price of E10 premium gasoline has risen to some €2.10 ($2.47) per liter from about 1.73 euros in January.Article contentThe Handover trade show, considered the biggest industrial showcase of its kind worldwide, has been shadowed by Germany’s sluggish growth as Merz’s governing coalition has fallen short on pledges to spark the economy.Article contentLula touted Brazil as “a reliable partner in a world of instability” that could “help the European Union to lower its energy costs”. He attacked US President Donald Trump and the “madness of the war against Iran.”Article contentMerz and Lula will head a meeting of their cabinets on Monday with the goal of strengthening their countries’ strategic partnership. Both sides will adopt a series of joint projects on raw materials, defense, digital transformation and climate.Article contentBrazil is Germany’s most important trading partner in South America with trade volume of more than €20 billion, according to government data. Brazil also plays a central role in Germany’s efforts to become less dependent on China for rare-earth minerals.Article contentTrending US Seizes First Iran-Flagged Ship in Blockade, Imperiling Talks PMN Business Bank of Canada's Macklem says he has spoken to Fed chair about risks from Anthropic's Mythos AI model Banking Posthaste: Why Canadians might be doomed to suffer a 'new normal' for oil prices News 'The impacts are massive': U.S. tariff change pushes Canadian manufacturers to the brink Economy Brace for gas price 'shock' in inflation numbers out Monday, say economists Economy Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. US Seizes First Iran-Flagged Ship in Blockade, Imperiling Talks PMN Business Bank of Canada's Macklem says he has spoken to Fed chair about risks from Anthropic's Mythos AI model Banking Posthaste: Why Canadians might be doomed to suffer a 'new normal' for oil prices News 'The impacts are massive': U.S. tariff change pushes Canadian manufacturers to the brink Economy Brace for gas price 'shock' in inflation numbers out Monday, say economists Economy