“I fear a social emergency.”

Brussels European Union Economic Commissioner Paolo Gentiloni is concerned about social cohesion in Europe. He warned in an interview with Handelsblatt and the French newspaper Les Echos that rising mortgage interest rates could lead to a “social emergency.” This is especially true in countries such as Spain, where many property buyers have taken out loans with variable interest rates.

In order to support the economy, Gentiloni spoke in favor of “joint European investment projects.” The issue of new European Union bonds must also be discussed. Gentiloni is skeptical about industrial electricity prices. “We will underestimate the problem of our competitiveness if we think that national subsidies are the solution,” he said.

Instead, it requires “a combination of national and joint European measures.” “If we increase economic differences between EU countries, we will not help the German, Italian, Dutch or French economies,” Gentiloni warned. “It will only deepen the divisions that pose a danger to the future of the European Union.”