The Federal Ministry for Economic Affairs is remaining cautious regarding potential further measures to address persistently high energy prices. A ministry spokesperson told the dts news agency on Wednesday that he could neither comment on internal documents nor rule out specific measures, adding, “However, the Ministry of Economics is naturally preparing internally for various scenarios”. He emphasized that a general analysis of different instruments would certainly be part of the process.
According to dts reports, the Ministry had also modeled various consequences stemming from the Iran crisis over the Easter period. A paper, titled “Alternative Scenarios for Potential Macroeconomic Impacts on the Eurozone and Germany” which was seen by the dts news agency, weighed potential measures with both arguments for and against. The recommendations from the International Energy Agency (IEA) aimed at reducing oil price pressure were received favorably.
These IEA suggestions included promoting more remote work, imposing stricter highway speed limits, supporting public local transport, and increasing car-sharing, as well as implementing “number plate rotation schemes” whereby private cars would only be permitted to drive in major cities on designated days. The IEA also suggested that a reduction in business flights could quickly ease pressure on the jet fuel market.
Furthermore, the paper addresses the possibility of establishing a state gas reserve; however, the ministry officials seem to perceive only disadvantages in such an action. Minister of Economics Katherina Reiche (CDU) has addressed these considerations in the past. When questioned on Wednesday, the BMWE spokesperson merely referred to her prior statements. He told the dts news agency, “We must take a careful look at how we strategically restructure our gas reserve” noting that this assessment is separate from market dynamics, and that “those statements still apply”.