EU leaders convene in Brussels for two-day summit on energy and economy

European Union leaders gathered in Brussels on Thursday for a two-day summit chaired by European Council President António Costa and European Commission President Ursula von der Leyen. The agenda is dominated by soaring energy prices, which have spiked significantly since the start of hostilities in the Middle East, with oil reaching over $100 per barrel and natural gas prices rising by 140 percent since February. Member states are debating temporary fiscal measures to support businesses and households, with Italy and Greece pushing for looser budgetary constraints despite warnings from fiscally conservative nations about market volatility.

Discussions also focus on the EU’s growing trade deficit with China, which reached €360 billion in 2025. While an initial agreement to curb hybrid car imports has been reached, leaders are seeking strategies to protect European industry from unfair competition and state-subsidized Chinese imports. Furthermore, the summit addresses the complex negotiations for the 2028–2034 long-term budget, which remains a source of division between net contributors and beneficiaries. The first day concluded with unresolved tensions, leading to the cancellation of a scheduled press conference, as leaders attempt to reach a compromise by the end of the year amid broader political uncertainty.