Amid a 1.6 trillion won daily trade deficit with China and soaring energy prices, beleaguered EU leaders gather

[Financial News] Leaders of the European Union's 27 member states will meet for two days starting on the 15th at EU headquarters in Brussels, Belgium, to tackle pressing issues including the war in Ukraine, surging energy prices, trade imbalances with China and migrant flows into Europe.
According to Euronews and other outlets, the first day's discussions are expected to focus on how to respond to the surge in energy prices caused by the war in the Middle East and how to address the trade imbalance with China, which entails a daily deficit of 1 billion euros (about 1.6 trillion won).
On the surge in energy prices, Italy, Greece and others are currently calling for EU fiscal rules to be eased so they can use public funds for targeted measures to cushion the impact. Others, however, have voiced concern that easing the rules could spur fossil fuel consumption and dampen investment in the transition to clean energy, making agreement seem difficult to reach.
A substantial part of the meeting will also be devoted to how to address the trade imbalance with China, which threatens European industry. EU leaders are expected to continue dialogue with China while calling on the EC to impose stronger import restrictions if needed. German Chancellor Friedrich Merz signaled a hard line toward China in a statement sent to the German Bundestag on the 14th, saying, "We will no longer stand by while other countries harm our economy through massive subsidies, artificial currency devaluation, excess production capacity and aggressive pricing."
In addition to economic issues, EU enlargement will also be on the first day's agenda, including discussions on how to reform the EU's internal decision-making system ahead of new members joining. On the second day, the 16th, the Ukraine issue will be discussed in depth with Ukrainian President Volodymyr Zelenskyy in attendance. Topics will include ways to strengthen support for Ukraine against Russia, which is stepping up its offensive against Ukraine, and effectively counter Russian sabotage, which has become increasingly frequent in Europe recently.
They are also expected to exchange views on U.S. President Donald Trump's decision to supply large volumes of Russian diesel fuel to the global market, going so far as to lift sanctions on Russia in a bid to contain public discontent over high oil prices ahead of the U.S. midterm elections, as well as U.S. sanctions against the International Criminal Court (ICC).
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