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World News October 16, 2026

EU summit focuses on competitiveness, energy prices amid mounting economic pressure

European Union leaders met in Brussels on Thursday for a two-day summit focused on economic competitiveness, rising energy prices and the bloc’s next long-term budget. Leaders are expected to discuss temporary measures to ease energy costs for businesses and households, as well as long-term plans to reduce dependence on fossil fuels. European Commission President Ursula von der Leyen said natural gas prices had risen by 140 percent since late February, while diesel prices had doubled, adding around 100 billion euros to the EU’s fossil fuel import costs.

The summit also covered the EU’s 2028–2034 budget, continued support for Ukraine, European security and defense, migration, EU enlargement and the situation in the Middle East. However, the first day ended with differences among leaders and the cancellation of a scheduled press conference.

Source: CGTN

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