Hidden opportunity
The energy crisis comes with a hidden opportunity: Efforts to contain soaring gas, oil and electricity rates could, at the same time, spawn a drive to remove at least some of the structural distortions which cause problems in the market.
The Greek lawmaker who, true to form, saddled the energy sector with an excessive number of laws and regulations is also to blame for these distortions. Rather than putting the market in order, such overregulation creates loopholes for illicit profit and a maze of opacity.
The collateral benefit of the crisis could be a new regime of healthy competition governed by a clear set of rules.
