Reuters: High energy costs hamper EU industry - Commission

EU nations will be left far behind the United States unless they address high energy costs that are worsening the continent's industrial decline, the European Commission said on Wednesday.

To tackle the issue the Commission, the EU executive, is preparing a policy document for later this year followed by an EU summit in February 2014 focused on industry, EU sources said.

Industry Commissioner Antonio Tajani said part of the answer is an industrial compact "to address high energy prices, difficult access to credit, a drop in investments, lack of skills and red tape".

He drew a comparison with the fiscal compact signed in March 2012 by 25 EU leaders with a view to forcing euro zone countries to keep their budgets in surplus or balanced.  MORE