Spain will send a proposal to the European Union to limit the price of carbon permits to curb rising energy prices and its impact on inflation, Prime Minister Pedro Sánchez said, according to Reuters.

Spain will propose a new intervention in the energy market with a cap on the price of CO2 emissions, Sanchez said, adding that his government will also send a proposal to the EU for electricity market reform.

These are measures that will help bend the inflation curve and benefit Spain and Europe, Sanchez said.