Iberdrola Chairman Ignacio Sánchez Galán attends emergency summit at the Elysée Palace

The President of the Fifth French Republic, Emmanuel Macron, the German Chancellor, Olaf Scholz, the President of the European Commission, Ursula Von der Leyen, and fourteen businessmen from the European Round Table for Industry (ERT), including Ignacio Galán, Chairman of Iberdrola, are currently meeting in Paris to address the Russian aggression against Ukraine and to promote ways for peace and stability in Europe.

Ignacio Sánchez Galán will be putting ideas and proposals on the table in order to achieve peace and avoid a recession. Iberdrola, as the second largest private electricity company in the world, shows its determination for stability and prosperity.

Joining Galán will be Volvo Chairman Carl-Henric Svanberg, BASF CEO Martin Brudermüller, Vodafone Group Chairman Jean-François van Boxmeer, Airbus CEO Guillaume Faury, Thyssenkrupp CEO Martina Merz, Air Liquide Chairman Benoît Poitier and others.

Expectations of a border negotiation between the Russian and Ukrainian governments, the siege of Kiev and Kharkov by Putin's army in the meantime, and new threats by the Russian president to other European nations have put the main industry leaders of the Old Continent on alert.

One of the issues that the chairman of Iberdrola, Ignacio Galán, observes with concern is the monetary instability arising from this crisis. The sharp depreciation of the rouble and the increase in interest rates to 20% by the Central Bank of Russia opens up a new and unprecedented scenario.

At the same time, as events unfold, the rise in oil prices, the upturn in inflation and the economic measures against the Kremlin are some of the issues that will be discussed at this emergency meeting. In this sense, Galán has shown himself to be absolutely in line with all the Western governments in order to stop an escalation that is undesired by all.

The businessmen who are meeting with Macron, Scholz and Layen belong to the well-known European Round Table for Industry (ERT). In total, these are some sixty multinational conglomerates that project business activity around the world, accounting for a significant percentage of Europe's GDP and more than 4.5 million jobs worldwide.

The ERT normally meets every 6 months, hosted by the Head of State or Government of the host country. On the last occasion, the ERT plenary met in Bilbao, hosted by Ignacio Sánchez Galán and the honorary president of the meeting was King Felipe VI.

The ERT members, all CEOs and chairmen of some of Europe's leading industrial companies, are expected to underline their support for the EU and the peace and prosperity that the unit itself has brought in recent decades.

At a time of great economic pressure and geopolitical risk, European business stands in line with European governments, taking full responsibility for the tragic effects of this unjust and unjustifiable war initiated by Russia.

The ERT will therefore offer its full support for EU sanctions against Russia for its invasion of Ukraine and the exodus of thousands of refugees across its borders. Proposals and solutions that will be echoed in the Elysée at this historic meeting.