This is not the first time that the global economy has been confronted with an energy crisis.
In the 1970’s, without today’s globalisation, many states did not manage to emerge unscathed from the crisis, and many households found it difficult to adjust to the new reality.
Europeans remember that era very well and they are hastening to take the necessary measures in order to hammer out a common line.
Like all other players on the international chessboard, Athens is paying great attention to the international energy crisis, which has clear geopolitical characteristics.
We know that the European Central Bank does not permit a de-escalation of prices. Hence, the government knows what is coming and it must find a way for the repercussions on citizens and the state budget to be manageable.
It is in that framework that the government has taken initiatives toward an energy transition and an increase in subsidies for electricity, petrol and natural gas.
The mission with which it is confronted is not easy, yet it is necessary for it to achieve its goal of limiting the repercussions of price hikes on consumers. The lesson is already clear: Such crises if not properly managed produce more crises.
In many ways, one expects a harsh winter. The last thing that Greece need is to be caught unawares or to proceed unprepared in this era of globalisation.