Big League Politics By
Europe is potentially on the verge of deindustrializing in a way that has not been seen in modern history.
Belgian Prime Minister Alexander De Croo believes that there will be a marked decline in industrial activity and an increase in social unrest unless energy prices can be lowered.
During an interview that was published on the Financial Times on October 6, 2022, de Croo stated that unless the government intervenes in gas markets, “we are risking massive deindustrialization of the European continent and the long-term consequences that might actually be very deep.”
De Croo called for a multi-pronged strategy to address the gas crisis. He believes that it should feature a stiff price cap on Russian natural gas, in addition to negotiations with energy suppliers such as Algeria and Norway. Plus, De Croo called for a “dynamic” limit on liquefied natural gas (LNG)’s price, which he believes could be fixed slightly above prices in the US or Asia to allow for continued flows to Europe.
