Ecological Crisis and Energy Transition: “Europe is the Fastest-Warming Continent in the World”

Cristina Peicuti

Chapter 16 in A Monetary and Economic History of France since 1944, 2026, pp 193-195 from Springer

Abstract: Abstract When Emmanuel Macron was elected president, Germany had a debt-to-GDP ratio of 65.2% to France’s 98.1%. The gap between the two countries widened, with this ratio declining to 63.6% in Germany in the fourth quarter of 2024, whereas in France it climbed to 110.6%. In the European Union, this ratio averaged 81.7%. This puts France in breach of the Treaty on Stability, Coordination and Governance, with empty coffers with which to fund the energy transition. The specificity of the ecological crisis is that it is a multiplier of risks that could exacerbate existing risks and crises. The poorest people are always the most exposed in a crisis but in the present case, their very lives could be at risk. As the fruits of all the efforts deployed fall into a common pot, no country is incentivized to make efforts first; everyone secretly hopes to be a free-rider and benefit from the efforts of others combating climate change. The result of this strategy is catastrophic in the truest sense of the word. The report published by the European Environment Agency draws attention to the fact that “Europe is the fastest-warming continent in the world” and that we can’t afford the price of inaction.

Date: 2026
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DOI: 10.1007/978-3-032-17596-0_16

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