The second day of the Brussels Summit begins at 10.30 am (Greek time) with the issue of energy and high prices hitting households and businesses hard.
Due to the difficult discussions on the Russian oil embargo, which was agreed upon at midnight, the European leaders did not have time to discuss the issue of energy yesterday, as foreseen in the agenda of the Summit. The debate today will focus on funding the REPowerEU project for the phasing out of Russian fossil fuels, presented by the Commission on 18 May. “We need to accelerate our energy transition if we want to phase out our dependence on Russian fossil fuels as soon as possible. Based on our decisions in Versailles, we will discuss the best ways forward,” Charles Michel’s letter to their “27”.
According to a diplomatic source, some Member States do not consider REPowerEU to address the pressing issue of energy prices. Therefore, the issue of reforming the EU electricity market is likely to be raised again, including the possibility of an energy price cap and a platform for a common gas market in the EU. ask the Commission to consider ways to enter price ceilings in new contracts with international partners.
Next, European leaders will discuss the issue of food security and the dangers posed by the war in Ukraine. African Union President Maki Sal will address the “27” via video conference. European leaders will also discuss how 20 million tonnes of wheat can be exported from Ukraine, which requires an agreement with Russia on the use of the sea route. An issue discussed three days ago in a telephone conversation between French President Emanuel Macron and German Chancellor Olaf Solz with Russian President Vladimir Putin.
“Russia’s war against Ukraine is a serious threat to global food security. It is the EU’s responsibility to take care of ourselves and the developing countries,” said European Council President Charles Michel on his arrival at the summit. while High Representative Josep Borrell stressed that Russia uses wheat “as a weapon of war.”
The issue of European defense will be discussed at the end of the Summit
European leaders are expected to commit to strengthening Europe’s defense and filling the investment gaps identified by the European Commission in its report on 18 May. “We need to close our gaps in defense investment and join forces as much as possible to maximize our impact,” European Council President Charles Michel said in a letter of invitation.
SOURCE: AMPE
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
