“The landscape of our foreign relations is changing. There is a turning point, a tremendous change for history at this moment,” stated Margrethe Vestager, Executive Vice President of the European Commission on Thursday, referring to the conflict in Ukraine.
Vestager, whose portfolio includes making Europe fit for the digital age, was addressing the Hellenic Parliament from Brussels via an online video link, in the context of an event focusing on the shaping of our digital future, its challenges and prospects, reported Der Spiegel.
She began her speech by referring to the war in Europe after the Russian invasion of Ukraine, saying that this beautiful and sunny morning was in total contrast with “the horror” Europe has been experiencing in the last week.
“We, in the EU, believe in national sovereignty, self-determination and the respect of every individual and it is precisely in this that the terrible aggression on the Russian part is taking place, which culminates in the sacrifice of the Ukrainians, the people of Ukraine, something that unites us and strengthens our purpose, which is to live in a democracy and to fight for it,” underlined Vestager.
The EU Competition Chief discussed at length the conflict in Ukraine and the likely fallout of sanctions imposed by NATO allies on Russia’s economy. Expected disruptions to already weak global supply chains have raised concerns among critics of the sanctions.
“The EU is still the third largest single market in the world. So Europe has many more options than Russia for cushioning the impact of sanctions”, Vestager remarked. “We should stick with our proven market-based regulatory framework, which has ensured low prices in recent years.”
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