Germany, Italy and Belgium convene EU leaders to tackle energy crisis ahead of March summit

EU leaders gathered Tuesday for an emergency video summit hosted by Germany, Belgium and Italy, with surging energy prices and regulatory overhaul dominating the agenda as the bloc scrambles to avert a full-blown economic crisis.

The meeting, held via video conference, is designed to lay the groundwork for the next European Council summit scheduled for March 19, according to three EU diplomats briefed on the preparations.

One diplomat said a “double-digit” number of EU leaders would participate in Tuesday’s session. As of Monday evening, the precise list of attending heads of government had not been confirmed.

While deregulation has long featured on European governments’ policy agendas, a sharp spike in energy prices has lent fresh urgency to the discussions — pushing EU leaders to seek preventive measures before the situation deteriorates into a full-scale crisis.

Oil prices broke through the $100-per-barrel threshold on Monday, as the Middle East conflict — triggered by US and Israeli strikes against Iran — entered its second week.

Finance ministers from Canada, France, Germany, Italy, Japan, the US and Britain — the G7 — held talks on Monday to coordinate a possible release of strategic petroleum reserves, aiming to head off an inflationary shock to the global economy.

Germany, Belgium and Italy had convened a similar alignment meeting in February ahead of the European Council summit at Alden Biesen, which was focused on reducing bureaucratic barriers for businesses. That session, too, served to harmonise positions and shape the summit’s agenda before leaders formally convened.

Following the March summit, European Commission President Ursula von der Leyen has said she will present an action plan outlining how the bloc intends to strengthen its economy.