In 2023 a business lobbying group, the European Round Table for industry, called for “a single Energy Union with a common market, harmonized permitting and tax systems, and a simple, stable and predictable regulatory framework to facilitate investment.” The ERT also noted that Europe’s industrial contribution to the global economy had declined “from almost 25 per cent in 2000 to 16.3 per cent in 2020.” European industry has long struggled with energy prices substantially higher than in the US and parts of Asia. Over the 10 years to 2020, European gas prices were on average two to three times higher than the US, according to the International Energy Agency.
