| A defiant Chancellor Olaf Scholz will this week forge ahead with a $306 billion plan to shield German residents and companies from high energy prices, despite a fierce backlash from European Union partners who accuse him of “destroying” the bloc’s internal market.in retaliation for Western sanctions over its war in Ukraine. Mr Scholz has defended his plan – mainly new government borrowings of €200 billion – to protect Germany’s economy from soaring energy bills as fair and proportionate.
“The richest country, the most powerful EU country, is trying to use this crisis to gain a competitive advantage for their businesses on the single market,” Mr Morawiecki said on Friday in Prague where EU leaders were meeting.Even nations normally supportive of Germany in EU deliberations have been dismayed at the size of the three-year stimulus plan.
A special commission of experts is expected to deliver a report to Mr Scholz possibly as early as this week, setting out how the proposed gas price brake would work.. Higher demand will be priced at market rates, with the government’s Economic Stabilisation Fund, established during the pandemic, to be stocked up with €200 billion in new loans.German national debt stood at 70 per cent last year, up from 58.
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