{"id":449580,"date":"2026-04-07T11:28:29","date_gmt":"2026-04-07T09:28:29","guid":{"rendered":"https:\/\/www.eunews.it\/2026\/04\/07\/elderson-bce-dalla-dipendenza-dai-combustibili-fossili-rischi-per-stabilita-dei-prezzi\/"},"modified":"2026-04-07T11:58:06","modified_gmt":"2026-04-07T09:58:06","slug":"elderson-ecb-fossil%e2%80%91fuel-dependence-poses-risks-to-price-stability","status":"publish","type":"post","link":"https:\/\/www.eunews.it\/en\/2026\/04\/07\/elderson-ecb-fossil%e2%80%91fuel-dependence-poses-risks-to-price-stability\/","title":{"rendered":"Elderson (ECB): ‘Fossil\u2011fuel dependence poses risks to price stability’"},"content":{"rendered":"

Brussels \u2013 “Europe\u2019s fossil fuel dependence poses risks to price stability,<\/strong>” and at the same time, “increasingly complicates the task” of the European Central Bank of maintaining price stability. It is the <\/span><\/span><\/span>Vice-Chair of the ECB’s Supervisory Board<\/a>, Frank Elderson<\/strong>, who highlights the implications for the EU and the euro area<\/span><\/span><\/span> of the ongoing energy crisis stemming from the US-Israeli war in Iran. In a post on the ECB blog<\/a>, Elderson once again confirms the difficulty the Governing Council faces in leaving interest rates unchanged. Completing the task of ensuring price stability implies that the ECB, as already signaled<\/a>, will have no choice but to raise borrowing costs <\/strong>if things take a turn for the worse, and Inflation indicators already suggest that the situation has deteriorated. <\/span><\/span><\/span><\/p>\n

In addition, Elderson\u2019s concerns are set out in writing at the same time as those of the Executive Director of the International Energy Agency (IEA), Fatih Birol<\/strong>, who, in an interview with the French newspaper Le Figaro, described himself as \u201cvery pessimistic\u201d about the current energy crisis. According to Birol, the current crisis is worse than those of 1973, 1979, and 2022 combined<\/strong>, and there is a risk of a \u201cBlack April\u201d if the Strait of Hormuz is not reopened by the end of the month. <\/p>\n

According to the ECB, against this backdrop, the choices are \u201cclear\u201d because they are right before the eyes of national governments: the transition to alternative and sustainable energy sources. “Europe cannot eliminate geopolitical risk, but it can significantly reduce its exposure to it,” Elderson argues in his post. In this regard, he specifies, “the most effective way to do that is by cutting reliance on imported fossil fuels and accelerating an orderly shift to home\u2011grown clean energy.<\/strong>” <\/p>\n

Of course, \u201cnone of this is easy,\u201d because sustainability comes at a cost. \u201cIt is true that according to the European Commission<\/a>, investment will need to reach around 660\u202fbillion euros per year between 2026 and 2030<\/strong>. But focusing only on these costs is profoundly misleading,\u201d the ECB Supervisory Board Vice-Chair noted. It must be understood that \u201cinvesting in clean, sustainable energy replaces substantial spending on fossil fuels.\u201d Governments, Elderson insists, must act decisively because \u201cdomestically produced, clean and sustainable energy…strengthens macroeconomic stability, lowers long\u2011term costs, and supports economic growth.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The vice-chair of the supervisory board: “It is becoming increasingly difficult to meet the European Central Bank\u2019s target.” A warning to governments: “The only alternative is the green transition”<\/p>\n","protected":false},"author":494,"featured_media":449568,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"episode_type":"","audio_file":"","podmotor_file_id":"","podmotor_episode_id":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","filesize_raw":"","date_recorded":"","explicit":"","block":"","jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","show_comment_section":"1","number_popup_post":"1","show_author_box":"0","show_post_related":"1","show_inline_post_related":"0"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","subtitle":""},"jnews_primary_category":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[25705],"tags":[25881,26112,33392,26151,33678,26153,25886],"class_list":["post-449580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bce-en","tag-energia","tag-bank-central-en-en","tag-frank-elderson","tag-tassi-di-interesse-en","tag-sustainability-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/posts\/449580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/users\/494"}],"replies":[{"embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/comments?post=449580"}],"version-history":[{"count":1,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/posts\/449580\/revisions"}],"predecessor-version":[{"id":449581,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/posts\/449580\/revisions\/449581"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/media\/449568"}],"wp:attachment":[{"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/media?parent=449580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/categories?post=449580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/tags?post=449580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}