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EU LEADERS FAILED to reach a consensus late last night on issuing €5 billion for Ukraine’s artillery supply, choosing to discuss it at the next European Council meeting next month instead.
A total of 26 member states issued a statement firmly supporting Ukraine, with long-term commitments to financial and military aid. The statement was rejected by Hungary’s far-right, pro-Russian Prime Minister Viktor Orbán for the second time.
As part of its continued support, European leaders will continue to issue sanctions on Russia – with other EU institutions discussing the possibility of broadening financial punishments on the country yesterday.
But Zelenskyy said yesterday that more also needed to be done by other European leaders to call out Orbán’s “anti-European” vetoes, rejections and backsliding. He said it was not fair that one person was preventing Ukraine’s EU membership.
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While the leaders agreed to discuss the €5bn in funding at the next EU summit, European Council President Antonio Costa said a consensus is likely to be reached sooner than that.
Economic activity
Leaders largely focused on the EU’s economic agenda yesterday. A renewed focus has also been placed on Europe’s internal competitiveness, as the US economy continues to outpace the EU’s following the financial shocks brought on by the covid-19 pandemic.
A report published in September last year, which is now being used as the Commission’s economic framework for the EU’s single market, called on Ireland and other EU member states to share debt in order to boost competitiveness.
Threats of tariffs on European goods from the US have also rattled European leaders, which is something that will certainly come up in Brussels. Some EU nations, already riddled with debt, pushed back on joint-borrowing measures.
But, according to Costa, all leaders are still willing to cut red tape, strengthen the internal market by focusing on increasing cross-member state trade,
He added: “Business as usual is not an option because around €300bn of families’ money floated out of the European market last year.”
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