Germany's Habeck: Germany's Russia-dependent energy model isn't coming back

Eren Sengezer FXStreet

"Germany's Russia-dependent energy model has failed and isn't coming back," German Economy Minister Robert Habeck said on Monday, as reported by Reuters.

Additional takeaways

"We have to swallow bitter medicine to make the shift to a new energy model."

"Gas levy will secure supply."

"Alternative to levy would have been a collapse of the German energy system."

"These measures make us less vulnerable to blackmail."

"We need targeted relief to help people with gas levy."

Market reaction

The shared currency is struggling to stage a recovery and the EUR/USD pair was last seen losing 0.45% on the day at 1.0212.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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