WNobel laureate in economics Joseph Stiglitz called on the federal government to take a pragmatic approach to the energy crisis. Germany must mobilize all reserves to avert supply bottlenecks, he told the newspaper “Die Welt”. Now is not the time for half-hearted measures. It is not enough to invest billions in energy alternatives. In the short term, Germany must also shed its reservations about nuclear power and fracking technology.
“The good thing about fracking is that it’s a short-term measure that you can set up and stop just as quickly,” Stiglitz said. Nuclear energy is another possibility. “I’m not a fan of this technology, but if you can let the nuclear power plants run longer or even bring back the plants that have been shut down and still be safe, then it makes perfect sense to do it now.”
“You have so much wind here in Germany – just use it”
In addition, the US economist also spoke out in favor of increasing the pace of alternative energies: “Why not just say here: Let’s use all the solar panels that we can find, let’s turn on all the wind turbines that we have. You have so much wind here in Germany – just use it.”
As early as 2006, he warned the federal government “that it is stupid to rely on gas from Russia because Russia is not a reliable partner,” said Stiglitz. However, he did not get an answer from Chancellor Angela Merkel at the time. In 2001 he received the highest economic award for his market analysis. His accusation that the German energy market has failed is all the more serious. “It is good if the government helps to stabilize prices through lower taxes or other measures. After all, people can’t hedge against higher prices,” Stiglitz said. If insurance existed, consumers could be told that if they didn’t have insurance, it was their fault. But it must be the task of the state to replace the insurer and ensure more stable prices.
On the other hand, he is critical of government bailouts for companies that are on the brink of collapse due to high energy prices. “I’m actually against saving companies that haven’t made adequate risk provisions for problems that were actually obvious,” says Stiglitz. “But if you’re going to carry out bailouts, then the state should also get shares so that it can be there when things get better again.”
