EU summit focuses on competitiveness, energy prices amid mounting economic pressure

European Union (EU) leaders convened in Brussels for a two-day summit on Thursday, with the primary focus on economic competitiveness, soaring energy prices, and the bloc’s forthcoming long-term budget. The first day concluded amidst disagreements and the cancellation of a planned press conference. The EU Council’s agenda prioritized economic issues, with leaders poised to advise the European Commission on temporary short-term measures to alleviate the impact of high energy prices on businesses and households.

Discussions will also encompass efforts to diminish Europe’s reliance on fossil fuels in the long run.

Recent spikes in energy prices have intensified apprehensions regarding the EU’s competitiveness. European Commission President Ursula von der Leyen reported to the European Parliament that natural gas prices in Europe had increased by 140% since late February, while diesel prices had doubled, increasing the bloc’s fossil fuel import expenditure by approximately 100 billion euros ($112.1 billion).

As winter looms, the surge in energy costs could impose additional burdens on European enterprises and households. The EU’s subsequent long-term budget is another crucial topic on the agenda. Leaders will continue deliberations on the Multiannual Financial Framework for 2028-2034, aiming to finalize a consensus by the year’s end.

The summit will also tackle ongoing support for Ukraine, encompassing its essential infrastructure needs ahead of winter, as well as European security and defense, migration, EU enlargement, and the Middle East scenario.