European Union countries need to start joint natural gas purchases as soon as possible to soften exchange fuel prices in the region, said Charles Michel, head of the European Council.

According to him, now is also the time to put the joint gas purchases into effect.

This will be voluntary, with the exception of volumes corresponding to 15% of the required reserves, which should be subject to mandatory joint bidding. It is very important that we lower these prices while ensuring security of supply, Michel said during a speech at a plenary session of the European Parliament in Brussels.

He said Europe should also continue active cooperation and negotiations with important allies, including the U.S. and Norway. The energy security of the entire region will depend on the effectiveness of negotiations with these countries.

The prosperity and economic security of the EU is also key to the prosperity and economic security of partners. These negotiations must move forward without delay, Michel concluded.