The summit of EU leaders has begun

The EU Leaders’ Summit is taking place in Brussels, Belgium.

The summit of leaders of the European Union has started in Brussels. The main issues on the agenda of the summit, which will last 2 days, are the global economic situation and competitiveness in Europe.

European Union (EU) country leaders met in Brussels to discuss the economy, industry competitiveness, the banking and energy crisis, and support for Ukraine.

The summit of EU leaders has begun, which was held in Brussels with the participation of the heads of state and government of 27 EU member states.

United Nations (UN) Secretary-General António Guterres will attend the first part of the summit, chaired by the President of the European Council, Charles Michel.

The meeting, which will discuss important geopolitical issues such as the Russo-Ukrainian war and global issues such as climate change, will assess food security and the expanded Black Sea Grain Corridor Agreement.

The leaders will then move on to the Ukrainian session. President of Ukraine Volodymyr Zelensky will be connected to this part of the meeting via videoconferencing.

Various issues will be discussed, such as continued EU support for Ukraine, various munitions and armaments, most notably 155mm projectiles, funding for military support, and the use of frozen Russian assets. At the summit, the leaders will also discuss the issue of migration.

The main topic of the summit will be the economic situation and competitiveness of Europe. The leaders will discuss steps to be taken to improve the competitiveness of European industry.

At a summit of EU leaders last month, they discussed the impact of the law on Europe, which includes comprehensive health, climate and tax rules aimed at reducing US inflation. This law provides significant incentives for investment in the US. EUROPEAN UNION; It is feared that European manufacturers will lose their competitive edge in the face of similar incentives and support in countries such as the US and China. Leaders will evaluate measures to protect industrial investment.

The leaders, who will discuss ways to accelerate green and digital transformation and stimulate investment, are expected to discuss the future role of synthetic fuels and nuclear power.

Differences of opinion between France and Germany on atomic energy and internal combustion engines are expected to cause the summit to deviate from the main agenda.

A group of countries, led by Germany, opposed the EU’s attempt to ban the sale of new cars with internal combustion engines, namely gasoline and diesel, from 2035.

The regulation, which has been approved by the European Parliament (EP) and which will set strict carbon emission standards for new cars and light commercial vehicles to be sold in EU countries, has sparked a backlash from major EU car manufacturing countries.

In support of the plan, Germany said the EU should introduce an exemption for synthetic fuels, known as e-fuels, produced from renewable energy sources and capturing carbon dioxide in the air, and has asked the EU Commission for a ruling on the matter. . Thus, Germany seeks to guarantee the sale of new cars with internal combustion engines running on synthetic fuels.

This attitude of Germany provoked a reaction from France. Negotiations between the EU Commission and Germany on this issue are ongoing.

On the other hand, France wanted nuclear energy to be more included in EU rules in order to produce more green technologies in Europe.

Last week, the EU Commission announced its new plans to increase the production of clean technologies in Europe, which includes faster permits and access to more project funding.

The EU has not included nuclear power in its package of laws that prevent cleantech investors from Europe from going to countries that offer attractive subsidies, such as the US and China.

Although France wanted nuclear energy to be included in this plan, it could not be successful due to the opposition of some countries such as Germany.

It is expected that the summit of EU leaders will put on the agenda the different positions of Germany and France, the largest countries in Europe, on these issues.

THE STATE OF THE BANKING SECTOR WILL BE DISCUSSED
EU leaders will hold a Eurosummit on the second day. European Central Bank (ECB) President Christine Lagarde and Eurogroup President Pascal Donoghue will also attend the Eurosummit.

The leaders, who will discuss the economic and financial situation in the EU, will discuss the coordination of fiscal policy. It is expected that this session will also discuss fiscal rules that limit public spending and the budget deficit of the EU member states.

The leaders will exchange views on the possible consequences of bank failures in the US and the banking crisis in Switzerland, in particular for the EU.

After the banking crisis that began last week in the United States, Credit Suisse began to panic in Europe. At this session, leaders will receive detailed information from ECB President Lagarde.