Money and how to make more of it are among the top issues to be discussed among EU leaders as they gather for a two-day summit in Brussels, while they also struggle with ongoing problems on Ukraine, the Middle East, migration, defence, and new rules for EU-hopefuls, such as Montenegro.
The official talks kick off on Thursday (15 October) on how to make the 27 EU states more competitive in a turbulent world dominated by US tariffs, Chinese innovation, and Iran-war linked chokeholds in the Strait of Hormuz, which have forced the G7 wealthy nations to release 100m barrels of diesel and crude oil.
Gas prices have risen by 140 percent since the end of February with imported fossil fuels now costing an extra €100bn, says the European Commission.
In Europe, a grand scheme, a so-called “One Europe, One Market”, aims to spike European fortunes by saving an estimated €37.5bn for EU businesses by 2029.
The drive is part of a larger initiative to cut red tape and remove internal market barriers, including the eventual launch of a so-called EU Inc.
Ireland, which is currently steering the EU’s rotating presidency, had already announced that the summit would start with the competitiveness theme. And leaked draft conclusions, seen by EUobserver, lead with a sales pitch to step up ambitions over the ‘One Europe, One Market’ proposal.
It also gives a nod to the German car industry, by citing efforts needed to stop China from making too much money off Europeans. The goal is to get Europeans to spend more on European products, even if they are more expensive and less innovative.
The ‘more money’ talks dovetail into how to spend it (or not) in the EU’s next long-term budget, spanning 2028 to 2034.
António Costa, the president of the European Council, is hoping for an agreement of the nearly €2 trillion budget before the end of the year. People need predictability and stability, he said, in a invitation letter sent to the 27 EU states.
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EU trade commissioner Maroš Šefčovič and Chinese commerce minister Wang Wentao are meeting in Beijing on Thursday (8 October) to discuss China’s growing trade surplus with the EU.
The surplus reached a record €360.6bn in 2025, up 15 percent from 2024, and widened another 10 percent in the first four months of this year.
The visit follows a meeting in Brussels in June, where Šefčovič said he wanted the dialogue to deliver tangible results by October, and the two sides set up working groups on trade balance, export controls, intellectual property and WTO reform. China has sent mixed signals, with Beijing reportedly showing openness to purchase agreements for European goods and possibly lower tariffs, while China’s commerce ministry insisted Brussels should not treat China as the source of the EU’s problems.
The EU put tariffs on Chinese electric cars in 2024, with extra duties ranging from 7.8 percent to 35.3 percent depending on the manufacturer. But hybrids weren’t covered, and Chinese hybrid exports to the EU jumped from 3,800 vehicles in October 2024 to roughly 50,000 in July 2026, adding to pressure on European carmakers already struggling to compete with Chinese manufacturers.
Šefčovič will also be hoping to secure assurances from his Chinese counterpart on access to rare earths and minerals for European companies, with a one-year moratorium on extra restrictions on rare earth and minerals exports from China – which also applies to the United States – due to expire in the coming weeks. In June, China assured Šefčovič that existing controls on rare earths and permanent magnets would not disrupt EU supply chains.
Meanwhile, there have been reports of some German companies stockpiling rare earths in case the Šefčovič-Wentao talks fail to break the deadlock and China imposes new export controls in retaliation for the EU’s ‘Made in Europe’ plan to protect its industrial supply chain.
If the Beijing talks fail, Germany and France could push for tougher measures at next week’s EU leaders’ summit, including a cap on Chinese hybrid-car exports, preference for European vehicles in public procurement and tighter limits on Chinese takeovers of European companies.
But China recently said it would “respond firmly” if the EU imposed restrictions on Chinese businesses or products.
Long-delayed accession reforms
In Strasbourg on Tuesday (6 October), the European Commission is expected to present its long-delayed pre-enlargement policy reviews to prepare the 27-nation bloc for the integration of candidate countries like Montenegro, Albania, Ukraine and Moldova.
EU capitals fear that enlargement could disrupt businesses and that new member states could use their veto to block decisions.
In response, the commission proposal is set to rely less on consensus and more on majority voting, including in sensitive areas such as security and defence, sanctions, human rights and enlargement itself – a change that could help speed up bids such as Ukraine’s.
Ironically, to get rid of unanimity in certain votes, von der Leyen’s proposal will need the unanimous approval of all 27 member states.
The text is also expected to set temporary limits on new members’ vetoes, longer safeguard periods, and cut the number of commissioners to two-thirds of the number of member states, with equal rotation.
Alongside the internal rules review, the commission is expected to unveil a revision of the standardisation regulation to fix gaps and increase transparency.
On Monday (5 October), EU chief diplomat Kaja Kallas will host Moldovan PM Vasile Tofan in Brussels for a regular meeting on the progress of the country’s association bid.
The Eurogroup will also meet on Thursday in Luxembourg while EU financial ministers will meet on Friday.
On Wednesday, they will debate priorities for the EU budget for 2028-2034 (the Multiannual Financial Framework – MFF) with signals of more money for Erasmus+.
And MEPs will vote on Tuesday on whether to inject €115m into a pilot programme to accelerate the development of military technologies called Agile. This comes as Putin escalates hybrid warfare against Europe.
Controversy is expected ahead of a vote to scrutinise the funding and political influence of Islamist groups in Europe. European Conservative and Reformists (ECR) have previously called for the Muslim Brotherhood to be considered terrorists.
Those feeling stressed in their jobs can look forward to mental health protections for workers if parliament votes to ask the commission to propose new rules for EU employers.
Portuguese prime minister Luís Montenegro will deliver a speech on Tuesday.
And a debate with Ursula von der Leyen and the Irish Council presidency will shape priorities for the EU summit later this month, 15-16 October.
Plenary talks will also address the migrant surge in the Spanish enclave of Ceuta this summer and how Europe should respond.
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