Germany, Italy and Belgium Gather EU Leaders on Energy
EU Leaders Focus on Cutting Bureaucracy and Rising Energy Prices EU leaders are meeting today (March 10) in a summit focused on reducing bureaucracy and tackling rising energy prices across the bloc.
According to three EU diplomats, the meeting—hosted by Germany, Belgium, and Italy—will be held via video conference and is intended to prepare the ground for the next European Council scheduled for March 19.
One diplomat noted that a “double-digit” number of EU leaders are expected to attend today’s meeting, though as of Monday evening it was unclear which leaders had confirmed their participation.
While reducing bureaucracy has long been a priority for governments, the sudden surge in energy prices has pushed EU leaders to seek urgent solutions to prevent a full-blown crisis.
As the Middle East war entered its second week following U.S. and Israeli strikes on Iran, oil prices rose above $100 per barrel on Monday.
Finance ministers from Canada, France, Germany, Italy, Japan, the U.S., and the U.K. (the G7) also met Monday to coordinate the possible release of strategic oil reserves in an effort to prevent an inflation shock that could shake the global economy.
Germany, Belgium, and Italy had previously convened in February in Alden Biesen to align their positions and set the agenda ahead of a European Council meeting focused on reducing bureaucratic hurdles for businesses.
Following the EU leaders’ summit, European Commission President Ursula von der Leyen announced that she will present an action plan at the March meeting outlining how the bloc intends to strengthen its economy.
