The European Parliament approved, on 19 May 2022, a resolution on the “Economic and social consequences of the war in Ukraine for the EU: strengthening the EU’s capacity to act”. In it, we underline the need to take measures to protect European citizens – especially the most vulnerable – from the consequences of Russia’s aggression in Ukraine, such as higher energy prices or economic downturn.
Among other measures, we have called for a temporary social resilience package to strengthen social protection systems, as well as a rescue mechanism to support low-income households. We have also called for urgent measures to lower energy prices, including both support to consumers and limits on gas prices. In addition, we stressed the need to reinforce the EU’s strategic autonomy by creating a fund, based on the experience of NextGenerationEU, to finance investments in energy interconnections, renewables or food security. We insist that, in order for states to have sufficient room to manoeuvre, it is essential to maintain the suspension of tax rules, impose a tax on companies’ extraordinary profits and rapidly implement the agreement on the minimum corporate tax rate. At the same time, we insist on the need to toughen sanctions against Russia, to raise funds for the reconstruction of Ukraine and to ensure adequate care for refugees.