NextGen Day

BRUSSELS. Despite marathon deliberations on the second day of the EU summit on Friday, EU leaders were unable to agree on a strategy to combat rising energy prices.

“We talked about energy today,” European Council President Charles Michel said after the summit, adding that EU leaders “worked all day to be able to show our unity and commitment.”

He described the situation as “very challenging,” noting that its effects can be felt “all over Europe,” and that the leaders are eager to work with the European Commission and economic operators to find “the most effective remedies.”

The European Commission’s head, Ursula von der Leyen, also confirmed that the summit’s participants considered “a variety of options to cushion the impact of high energy prices on consumers and businesses,” including income support, state aid vouchers, reduced taxation, price caps, and price modulation.

She stated that addressing the “root causes of high electricity prices… and variable gas prices” is critical.

The European Commission will offer solutions to decouple the gas price from the overall power price in May, she stated, at the request of EU leaders.

Despite the disparities in each EU country’s energy mix, Von der Leyen emphasized that “we need to work together to pull our weight, and this is why I called for a strong European approach.”

The bloc’s executive body has recommended a combined action on gas procurement based on collective bargaining power, as well as plans to expand storage and interconnectivity.

Even before the summit, the disagreements between EU countries were well known. While Spain, Italy, Greece, Portugal, France, Belgium, and Poland are in favor of meddling in the energy market and controlling prices, Germany, the Netherlands, and the Baltic states are against it.

Ukraine’s defense plan and the current circumstances

The Strategic Compass, the EU’s new defense and security action plan, was also supported by EU leaders on Friday.

The strategy, devised by EU foreign policy leader Josep Borrell, aims to establish a 5,000-strong EU force that can be quickly deployed in the event of a global crisis, protect the bloc from cyberattacks, and enable smarter cooperative use of European military resources in line with NATO requirements.

The EU leaders discussed the situation in Ukraine on the first day of the summit, and US President Joe Biden took part in the conversation.

“We will continue to provide assistance to Ukraine. We will tighten our sanctions and cut ties with Russian fossil resources “The upshot of the talks was stated by von der Leyen.

The leaders agreed to establish a Ukraine Solidarity Trust Fund to aid Ukraine’s rehabilitation in the medium and long term.

They also discussed fresh penalties against Russia, including measures aimed at the energy sector, but were unable to reach an agreement and only agreed to close loopholes left by earlier sanctions.

Simultaneously, the EU and the US agreed to supply an additional 15 billion cubic meters of liquefied gas from the US to the EU this year, reducing the EU’s reliance on Russian gas.

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