Hundreds of European business executives have formally urged the European Union authorities to take immediate steps to lower energy prices. The executives warned that a failure to act would lead to an outflow of investments and further harm the competitiveness of European companies. They highlighted that EU electricity prices remain significantly higher than those in competing countries. This situation is exacerbated by carbon costs, which are unique to Europe and designed to increase year-on-year. Such persistent high costs threaten to erode the competitive edge of European companies. Analysts suggest that the ongoing high energy costs present a bearish outlook for European industrial stocks and potentially the Euro.
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