Italian ambassador to Spain advocates for a single European market for energy and electricity

The Diplomat The Italian Ambassador to Spain, Giuseppe Buccino Grimaldi, has advocated for the creation of a single European market for energy and electricity to address various energy shocks, and for the establishment of a common and permanent financing mechanism for the supply of genuinely European public goods in sectors such as defense, energy security, and strategic innovation. Grimaldi made these remarks during a meeting held on April 21 at the Ambassador's Residence with Spanish representatives from major funds, corporations, and the financial community. The meeting was part of the economic diplomacy and foreign investment attraction activities carried out by the Embassy, in collaboration with the head of the Investment Attraction Office of the ICE Agency in Madrid. The event was attended by the Mayor of Madrid, José Luis Martínez-Almeida, and the Deputy Governor of the Bank of Spain, Soledad Núñez. In his address, the ambassador emphasized the importance of strengthening Italian-Spanish economic relations, given the “extraordinary economic and cultural proximity between the two countries, which makes Italy and Spain a natural destination for funds seeking to initiate or reinforce their internationalization process, including in third-country markets.” Grimaldi also highlighted that Italy and Spain agree on the need for greater European financial integration, starting with the full implementation of a Savings and Investment Union that would allow the high volume of savings in Europe to generate wealth on the continent. Similarly, the ambassador advocated for the creation of a single energy and electricity market to address various energy shocks through greater integration in electricity production, interconnection, and distribution, and by making better use of Europe's comparative advantages over other countries. Another essential measure, Grimaldi concluded, is the establishment of a common and permanent financing mechanism for the provision of genuinely European public goods, since sectors such as defense, energy security or strategic innovation, which generate clear cross-border externalities, cannot be addressed efficiently by relying exclusively on national budgets.

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