Energy Interdependence in a Multi-polar World : Towards a Market-based Strategy for Safeguarding European Energy Supplies

Europe is a large energy importing region and destined to remain so for the foreseeable future. Ensuring the security of its energy supplies is principally hampered by two issues : first, the lack of a sustainable policy trade-off between the competing objectives of security of energy supply, competitiveness and environmental protection ; second, a clear understanding that security of supply for an energy importing region demands first and foremost the multilateral strengthening of the global energy trading system. The article will provide in its first part an overview of the European energy situation and will outline in its second part promising directions for policy-action at the European level.