European leaders convene in Brussels to address energy crisis and budget deadlock

On October 15, 2026, European Union leaders gathered in Brussels for a two-day summit to address urgent regional challenges, including the ongoing energy crisis, the 2028-2034 multiannual budget, and support for Ukraine. Council President Antonio Costa called for targeted, temporary measures to alleviate high energy costs for households and businesses, while discussions regarding the potential taxation of excess energy company profits are underway with backing from Germany, Italy, Spain, Poland, Austria, and Portugal.

A significant impasse remains regarding the new seven-year budget. The Irish presidency's proposal, which includes 141 billion euros in cuts, has been rejected by the "frugal" member states, while a coalition of 16 countries, known as the "Friends of Cohesion" including Greece, opposes any reductions to cohesion policies and the Common Agricultural Policy. Greek Prime Minister Kyriakos Mitsotakis noted that the current proposal lacks consistency between objectives and resources, advocating for greater fiscal flexibility. Conversely, German Chancellor Friedrich Merz signaled that significant budget reductions are necessary, suggesting that negotiations may extend into the December summit.

The summit also covers European defense, migration management, and future commercial relations with China, where the bloc is weighing stricter trade restrictions against continued diplomatic engagement. The meeting is scheduled to conclude on Friday, October 16.