On the surface, it looks like the EU is finally showing some unity but this proposal has been watered down significantly with member states tweaking it so that there are exemptions and reductions to the gas cuts for certain countries and industries. The proposal is supposedly calling for EU countries to cut gas use by 15% from August through to March next year.

We’ll see about the details but the exemptions and such is pretty much another way of saying that it is every man for himself when it comes to dealing with the situation.

This article was written by Justin Low at www.forexlive.com.