Money and how to make more of it are among the top issues to be discussed among EU leaders as they gather for a two-day summit in Brussels, while they also struggle with ongoing problems on Ukraine, the Middle East, migration, defence, and new rules for EU-hopefuls, such as Montenegro.
The official talks kick off on Thursday (15 October) on how to make the 27 EU states more competitive in a turbulent world dominated by US tariffs, Chinese innovation, and Iran-war linked chokeholds in the Strait of Hormuz, which have forced the G7 wealthy nations to release 100m barrels of diesel and crude oil.
Gas prices have risen by 140 percent since the end of February with imported fossil fuels now costing an extra €100bn, says the European Commission.
In Europe, a grand scheme, a so-called “One Europe, One Market”, aims to spike European fortunes by saving an estimated €37.5bn for EU businesses by 2029.
The drive is part of a larger initiative to cut red tape and remove internal market barriers, including the eventual launch of a so-called EU Inc.
Ireland, which is currently steering the EU’s rotating presidency, had already announced that the summit would start with the competitiveness theme. And leaked draft conclusions, seen by EUobserver, lead with a sales pitch to step up ambitions over the ‘One Europe, One Market’ proposal.
It also gives a nod to the German car industry, by citing efforts needed to stop China from making too much money off Europeans. The goal is to get Europeans to spend more on European products, even if they are more expensive and less innovative.
The ‘more money’ talks dovetail into how to spend it (or not) in the EU’s next long-term budget, spanning 2028 to 2034.
António Costa, the president of the European Council, is hoping for an agreement of the nearly €2 trillion budget before the end of the year. People need predictability and stability, he said, in a invitation letter sent to the 27 EU states.
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