The United States and the European Union have agreed upon a major deal on liquefied natural gas, or LNG, in an attempt to reduce Europe's reliance on Russian energy and to strengthen European energy security in the wake of the war in Ukraine.
Friday, visiting U.S President Joe Biden and his European Commission counterpart Ursula von der Leyen announced a joint Task Force for Energy Security. It will be chaired by one representative from the White House and another of the European Commission President. The Task Force will work to ensure energy security for Ukraine and the EU in preparation for next winter and the following one while supporting the EU's goal to end its dependence on Russian fossil fuels.
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Political News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.