Macron Backs EU-Wide Windfall Tax on Energy Company Profits

The European Union-wide windfall tax on the profits of energy companies was supported by France.

"We support a European mechanism which we'd ask for from European energy operators whose production costs are far lower than market sale prices," the president of France said. The approach that France and Germany support is this one.

Natural gas price caps and a suspension of power derivatives trading will be discussed by EU energy ministers in September. If the EU agrees to it, a special tax could be put in place in France.

Europe is trying to prevent an energy catastrophe that is threatening to become an economic and social quagmire. The euro fell to the lowest level in over a decade after Russia decided to keep the crucialNord Stream line shut.

Germany unveiled a $65 billion package to protect consumers and impose a windfall profits tax.

He said the windfall tax was the most effective. We will look at it at the national level if it doesn't happen on a European level.