EU Commission steps back from a bloc-wide tax on energy firms' windfall profits

At an informal finance ministers' meeting in Dublin on 18 September, EU Commissioner Valdis Dombrovskis said the Commission will not propose a bloc-wide tax on energy firms' windfall profits, leaving the decision to individual member states: "member states can go ahead and take their own decisions on taxing of windfall profits." German finance minister Lars Klingbeil demanded the Commission "present proposals now," by October, accusing oil companies of "exploiting the situation" since crude prices climbed above $100 a barrel after the attack on Saudi Arabia's East-West pipeline. Six countries, including Germany, Spain and Italy, had jointly pushed for an EU-wide levy.

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