The EU lacks the coordination structure and transparent data necessary to most effectively navigate an embargo on Russian oil.
How is monetary policy evolving in the face of recent crises? With central banks taking on new roles, how accountable are they to democratic institutions?
Even at this late hour, the European Union should consider taking a different path.
ECB Executive Board Member Philip Lane discusses the outlook for Euro area economies.
A tariff on imports of Russian fossil fuels would allow Europe to hit Russia's energy sector without great suffering.
Letter published in Science.
A punitive tariff on all energy imports from Russia would be a better choice than a gradually phased-in embargo on selected fuels.
The European Union should apply a tariff on imports of Russian oil; it can be accompanied by a quota for a gradual, conditional phase-out of all Russian oil imports.
The 2 May meeting of EU energy ministers should deliver strong and common EU action. Failing to do so would undermine Europe’s unity, energy security and foreign policy.
As energy security risks increase, European governments must stop subsidising oil and gas, and ask people to consume less.
The most efficient way for Europe to sanction Russian energy would not be an embargo, but the introduction of an import tariff that can be used flexibly to control the degree of economic pressure on Russia.
A requirement for gas to be paid for in rubles is a way for Russia to side-step central bank sanctions.