In a written parliamentary question submitted on 14 April 2026, MEP Letizia Moratti (PPE) called on the European Commission to take urgent action to counter the risk of stagflation in the euro area, warning that disruptions to energy supplies, critical raw materials, and essential goods are driving up prices and slowing growth. Moratti's question, addressed to the Commission under Rule 144, highlights the potential impact on households, businesses, and public debt, and proposes a set of common European tools to mitigate the crisis.
Moratti specifically asks whether the Commission is assessing the effects of an interest rate hike on public debt, maturing NextGenerationEU loans, and the broader economy, and whether it will adopt countercyclical bridging measures. She urges the introduction of common European instruments such as energy bonds and a temporary suspension of the Stability and Growth Pact, arguing these would be less costly in the long term than economic contraction and increased debt burdens. Additionally, she calls for realistic estimates of gas demand and an urgent review of the current approach to climate and energy policy to safeguard energy security and economic stability.
The question reflects growing concern among some MEPs that the EU's monetary and fiscal policy framework may be ill-suited to address the current crisis, which combines supply-side shocks with persistent inflation. Moratti's proposals—energy bonds, fiscal rule suspension, and a climate policy review—signal a preference for more interventionist and flexible EU-level action, potentially pitting economic stability against long-term climate goals. The Commission is expected to respond within approximately six weeks, and its answer will indicate whether it shares Moratti's assessment and is willing to consider such measures.
Stakeholders most impacted include EU households and businesses facing higher energy and borrowing costs, national governments constrained by fiscal rules, and the renewable energy sector, which could see policy shifts if gas demand estimates are revised upward. The Commission's reply will be closely watched for signals on the future direction of EU economic and energy policy.
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