This bulletin attempts to evaluate the effect of emergency measures introduced by European Union (EU) Member States in 2022 to counter the energy crisis, and their impact on inflation. It analyses their economic consequences with regard to their three objectives: (i) lowering energy bills for households and firms; (ii) minimising the cost to public finances; and (iii) reducing demand for energy and securing energy supplies. The EU attempted to introduce measures aimed at all three objectives. In parallel, national authorities adopted two types of response: directly acting on energy costs for consumers (notably France and Spain) or paying subsidies to households and enterprises (Germany and the Netherlands).