EU's Borrell Says Bloc's Prosperity Based On Cheap Russian Energy, Chinese Market
Sumaira FH Published October 11, 2022 | 01:50 AM
MOSCOW (UrduPoint News / Sputnik - 11th October, 2022) The European Union's prosperity used to be based on cheap energy from Russia and Chinese markets, but now the bloc needs to look for energy sources inside Europe and restructure its economy, EU foreign policy chief Josep Borrell said on Monday.
"Our prosperity was based on China and Russia. (Russian) Energy and (Chinese) market. And clearly, today we have to find new ways for energy, from inside European Union as much as we can because we should not change one dependency by another. The best energy is the one that you produce at home. And this will produce a strong restructuring of our economy. That's for sure, people are not aware of that but the fact that Russia and China are no longer the ones that were for our economic development will require a strong restructuring of our economy," Borrell said at the annual conference of EU Ambassadors in Brussels.
Top EU diplomat also recalled that the EU has long relied on the Chinese market for exports and imports, technology transfer, investment and buying of cheap goods, adding that cheap Chinese workforce contributed more to curbing inflation growth than all European central banks together.
"The access to China is becoming more and more difficult. The adjustment will be tough. And this will create political problems," Borrell warned.
Western countries have increased sanctions pressure on Russia since the start of the special operation in Ukraine on February 24. Disruption in supply chains has led to higher fuel and food prices across the EU, driving inflation to record levels and causing cost of living to soar.
Related Topics
Recent Stories
IHC adjourns PTI founder, Qureshi's appeal till Thursday
CDWP recommends 3 projects to ECNEC for approval
Tarar assures APNS to resolve issues of newspaper industry
Pakistan urged to capitalize on economic stability, for Tobacco Tax Reforms
N. Macedonia polls set to upend ties with EU neighbours
Croatia's ruling party reaches coalition deal with right wing
Bayern coach Tuchel makes three changes for Madrid showdown
Olympic flame arrives on French soil for Paris Games
Punjab Finance Minister announces expansion of Social Protection Authority's man ..
Kenya inks deal to end doctors' strike
Brazil flooding death toll reaches 100
Lebanon security source says five killed in Israeli strikes on south
More Stories From World
-
Football: South African Premiership results
5 hours ago -
Football: South African Premiership table
5 hours ago -
Fiorentina reach Europa Conference League final
5 hours ago -
Fiorentina reach Europa Conference League final
5 hours ago -
Football: Europa Conference League results
6 hours ago -
Tennis: Rome Open results - 1st update
6 hours ago
-
Tennis: Rome Open results
6 hours ago -
Track cycling star Benjamin Thomas escapes to win Giro 5th stage
6 hours ago -
Osaka wins in Rome after three-year absence
7 hours ago -
N. Macedonia polls set to upend ties with EU neighbours
7 hours ago -
Croatia's ruling party reaches coalition deal with right wing
7 hours ago -
Kenya inks deal to end doctors' strike
7 hours ago