While Moscow’s war in Ukraine poses many uncertainties for the European Union (EU), the Heads of State and Government of the Twenty-Seven are to meet on Thursday 10 and Friday 11 March in Versailles. In an interview at World, the Commissioner for the Economy, Paolo Gentiloni, looks back on the challenges that, two years after the appearance of Covid-19, community construction is now facing. The former Italian Prime Minister considers that European history is experiencing a new “pivotal moment”. He urges Europeans to embrace new “common tools”, in order to foil “the risk of stagflation that is ahead of us”.
At Versailles, European Heads of State and Government will discuss the sanctions that have been taken against Russia. Do you think they were effective?
For the most part, Europeans responded to military aggression with economic and political weapons. The sanctions we have imposed have already seriously weakened the Russian economy. But, on their own, they will not make it possible to stop Putin and his war.
Should we go further? And in particular no longer import Russian energy?
Nothing is excluded. But we have to take into account the impact that new sanctions could have on our economies. We must also work on the implementation of the sanctions already decided, in order to prevent the targeted oligarchs who have assets in several European countries from escaping them.
Volodymyr Zelensky, among others, accuses the EU of financing Putin’s war by buying gas and oil from him. What do you answer him?
We have taken strong sanctions which weaken the Russian economy and the means that Putin has to finance this war. We must be honest: even if we took new sanctions on energy, it is not certain that it would stop it in the short term. There are many ways to fund military operations, not just gas, oil and coal export revenues. And this war will last, regardless of the economic sanctions we take.
Are you worried that the Russian president will go beyond Ukraine and attack an EU country?
No. NATO has sent clear messages. We are strengthening our military presence at NATO level on all borders that could be threatened. I don’t think Putin will take such a risk.
On Tuesday 8 March, the European Commission presented its strategy for the EU to reduce its dependence on Russian energy by two thirds by the end of the year. Is this objective credible?
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