“EU Unveils Proposal…” Article by Kim Mackrael

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Table of Contents

Introduction
Summary of the Article
Connection to Management
Conclusion
References

Introduction

This article, “EU Unveils Proposal to Cap Natural-Gas Prices,” was written by Kim Mackrael. It was published under “world news” by the Wall Street Journal, Eastern edition, which is based in New York City in the United States of America. The article was published on November 23, 2022, but no specific time was indicated. It is patented to Dow Jones & Company, Inc., which is the copyright owner, and thus, it is subject to restrictions within certain markets, including corporations, non-profits, government institutions, and public libraries. In these scenarios, parts of its content will be visible to users but not the full text.

Summary of the Article

The European Union, a political and economic bloc that brings together 27 countries, normally coordinates trade among its members. For some time, the group has been debating the proposal to cap prices for natural gas on its main trade axis (Mackrael, 2022). On Tuesday, its executive arm suggested control of prices to shield consumers from the impact of high energy costs associated with Russia’s invasion of Ukraine. These measures were meant to deal with situations where the benchmark cost of gas within the region is above 275 euros (Mackrael, 2022). As a result, before member countries can approve the plan and other programs to deal with the block fuel crisis, European Energy Ministers will discuss them. EU members are concerned that Russia’s intensified war in Ukraine has led to a supply crunch in Europe, which has caused high and volatile prices. Surprisingly, members are still divided about the proposal, with France and Italy supporting it while Germany and the Netherlands opposing it. Those for the plan argue that a cap was required to shield citizens and businesses from high prices. However, those against it say it risks jeopardizing supplies.

Connection to Management

This article resonates well with the management functions, which are planning, organizing, leading, and controlling. Firstly, the executive arm of the EU is within its mandate to choose appropriate goals and actions to pursue about the gap that are beneficial to its member states and their respective citizens. Secondly, it was the right idea to establish a common ground on the issue among the 27 members by articulating its vision and proposing solutions to the energy crisis (UAGC Staff Member, 2021). Thirdly, the union’s executive was trying to control the situation by developing a measured approach that could lead the counties into making the right decisions. Lastly, in an organization like the EU, there are always individual interests from each member, so coming up with this proposal was the best way to limit every country’s curiosity while adopting a common ground.

Conclusion

This article was about a proposal by the European Union’s executive arm to cap the gap prices so as to cushion its consumers from the high and volatile prices. It contained the measures that are meant to deal with situations where the benchmark cost of gas within the region is above 275 euros. The plans are yet to be discussed by the energy ministers from the 27 member countries. However, there have been objections from some nations who think that it could jeopardize supplies. From a management viewpoint, the executive arm of the EU did the right thing by planning, organizing, leading, and trying to control the crisis among its members to get the best solution.

References

Mackrael, K. (2022). World news: EU unveils proposal to cap natural- gas prices. Wall Street Journal. Web.

UAGC Staff Member. (2021). 5 principles of great management. The University of Arizona Global Campus. Web.

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“EU Unveils Proposal…” Article by Kim Mackrael

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