European Council addresses energy prices and industrial competitiveness

During an European Council meeting in Brussels, President António Costa emphasized the need for European businesses to compete on fair terms. He called for a review of global economic imbalances and their impact on European industry, suggesting more intensive dialogue with international partners and the development of trade policy tools.

EU leaders noted that instability in the Middle East is significantly impacting oil and gas prices, affecting households, businesses, and the broader European economy. With winter approaching, officials stressed the need for immediate action to manage sudden price spikes.

While maintaining long-term goals of energy transition and strategic autonomy through source diversification, leaders supported the European Commission’s ‘AccelerateEU’ toolkit. This includes proposals allowing member states to cap residential electricity prices below market rates for specific consumption levels to mitigate immediate economic pressure.