Von der Leyen: 'Electricity market options in March'. Draghi and Letta urge the EU

The European Commission will present 'before the next European Council' in March 'the Industrial Accelerator Act, including a European preference for strategic sectors, based on a sound economic analysis'. This was assured by President Ursula von der Leyen at the end of the informal summit in Alden-BIesen Castle in Flanders.

"I made it very clear this morning that, although there are different views on this, I cannot agree to EU project financing via Eurobonds, for example. I don't want that. But even if I wanted it, I could not, because the Federal Constitutional Court has placed very clear limits on the German government. We took on European debt in exceptional situations, but they were exceptional situations that are also contractually permissible. But we live in a time where now the exception is becoming the rule. The new time in which we live is the new normal. And in this new normal we have to get by with the money we have,' said German Chancellor Friedrich Merz after the informal retreat of EU leaders in Belgium.

"There is unanimous support for the acceleration of the Savings and Investment Union. Because we need a single and efficient financial system, able to turn European savings into investments in Europe". This was said by European Council President Antonio Costa.

The price of energy in EU member states is determined 'first of all by the price of gas, then by grid fees, which are substantial, by national taxes, and only then comes the Ets (Emissions Trading System, ed). Some countries have higher taxes' than others on energy, so it is a 'complex' issue. This was emphasised by the President of the European Commission Ursula von der Leyen, responding in the castle of Alden-Biesen, Limburg, on the criticism raised against the Ets by several heads of state and government. European Council President Antonio Costa points out that during the discussion it emerged that "some leaders do not like the Ets, but others do, and they took the floor to defend the system". Von der Leyen, for his part, recalls that there is a whole sector, 'the clean tech industry, which is very vocal' and points out that he has 'nvested' capital with the prospect of the decarbonisation of the European economy by 2050.

On the ETS (Emissions Trading Scheme) "some leaders do not like it, many others like it and they have come to defend it: that is why we must continue our discussion". This was said by European Council President Antonio Costa at the press conference after the informal meeting of EU heads of state and government.

On enhanced cooperation, a possibility that allows a group of countries (at least nine out of 27) to go it alone in order to integrate their policies on specific topics, Antnio Costa said that it remains a possibility under the EU Treaties even if one is working towards solutions with 27 in the first place.

In April the EU will publish guidelines on mergers, which will be followed by a consultation with the member states. This was announced by Commission President Ursula von der Leyen. "We need European champions," stressed the number one of the European executive. Even Emmanuel Macron, leaving the summit, had remarked on the dossier by talking about the 'consensus' that had emerged on the need to create European champions in strategic industrial sectors.

After the end of the proceedings of the informal EU Leaders' Summit on Competitiveness at Alden Biesen Castle in Belgium, the Italian delegation with Prime Minister Giorgia Meloni left to return to Rome.

"In March we will define the sectors" of industry to which we will apply "European preference". This was said by French President Emmanuel Macron at the end of the informal EU summit in Alden Biesen, highlighting the need to 'reduce dependencies' and protect 'key sectors' such as defence, space and artificial intelligence. The EU 'needs innovation, simplification, diversification and derisking. We need more finance, it is a fact: we will have to work on how to make more investments in innovation,' Macron said. And if we need to 'go to the markets' to raise capital, 'there are no taboos about that. We know perfectly well the choreography: it is part of the technicalities. Regardless of the technicalities, we have to go superfast'. The Capital Markets Union 'seems to be creating convergence: we have decided that between now and June we must finalise the agenda, otherwise we will proceed with enhanced cooperation', he concludes.

The informal European summit of the 27 on competitiveness is over.

"The Single Market is our best answer to Trump and the foundation of our sovereignty. In strategic sectors we need to move from 27 markets to one. What we need now is a clear path to complete the Single Market, with rapid results and concrete achievements already in 2026, 2027 and 2028'. Enrico Letta told the EU leaders, according to sources close to the dossier.

The German Chancellor and the French President showed unity today at the start of the EU summit, after openly expressing their differences on key issues in recent days. The meeting in the Belgian city of Bilzen-Hoeselt focused on how Europe can become more competitive. "I am pleased that Emmanuel Macron and I agree on these issues, as we almost always do," Merz said on arrival, alongside the French president. In turn, Macron added that we both 'think together. I think we share the sense of urgency that our Europe must act decisively,' the French president said. The European economy is going through a very difficult period: excessive bureaucracy, high energy prices, strong competition, especially from China and the US, and global political events are having an impact on industry. Therefore, the informal meeting of the 27 EU heads of state and government, held in a castle surrounded by water in Belgium but close to Maastricht in the Netherlands, focuses mainly on how to become more competitive in the face of new geopolitical challenges. However, due to its informal nature, no concrete measures are planned. "There will be no decisions, but rather a debate on competitiveness and the consolidation of the European single market," Merz said.

The German Chancellor explained that the aim is to prepare the ground for decisions to be taken at the next ordinary summit of EU leaders at the end of March in Brussels. Macron spoke of an action plan to revive the economy. On the eve of the meeting, Paris and Berlin made it clear that they are pursuing different paths to make the ailing European economy more competitive. Macron supported, among other things, the introduction of a 'Buy European' rule to give preference to European products in public investments. Merz, on the other hand, advocates a more cautious approach and calls for European preference rules to be applied only to critical and strategic sectors, and only as a last resort. Berlin has also rejected Macron's recent calls for common debt to stimulate investment, an issue on which Italian Prime Minister Giorgia Meloni has also spoken out. The issue of so-called Eurobonds and debt mutualisation is one of the most divisive debates among European counterparts, Meloni acknowledged. Governments agree on the need to reduce bureaucracy in Europe as soon as possible. In addition to competition from third countries and high energy prices, industry constantly complains about the enormous bureaucratic burden, aggravated by environmental and sustainability regulations. At a meeting yesterday in Antwerp, attended by some 500 industry representatives, Merz called for a systematic deregulation of 'all sectors'.

EMMANUEL MACRON PRESIDENTE FRANCIA FRIEDRICH MERZ CANCELLIERE DELLA REPUBBLICA FEDERALE DI GERMANIA SUMMIT INFORMALE LEADER EUROPEI DEDICATO ALLA COMPETITIVITA'

At the informal summit of EU leaders on competitiveness in the Belgian castle of Alden Biesen, the exchange of views with Enrico Letta has just ended. The leaders will continue the discussion at 27. The work of the summit is behind schedule.

"We were not invited to this morning's meeting", and "I do not understand the need", because "today's is a long and demanding summit". This was stated by the Irish Prime Minister ('Taoiseach'), Micheál Martin, upon his arrival this morning at the informal retreat of EU heads of state and government in the Belgian castle of Alden Biesen.

Martin said this in response to journalists asking why he had not been invited to the pre-summit on European competitiveness and simplification of EU regulations, which Italia, Germany and Belgium organised in the same Alden Biesen castle this morning, inviting only 19 of the 27 Member States, plus the European Commission.

The President of the Spanish government, Pedro Sanchez, and the President of the Council, Giorgia Meloni, "had the opportunity to exchange views on the sidelines of the informal meeting of EU leaders". This was specified by Palazzo Chigi sources, explaining that in the course of the conversation Sanchez "did not raise any issue" regarding the uninvitation to the coordination meeting held in the morning before the start of work at Alden Biesen Castle.

Madrid has formally protested to Rome about the restricted meeting of EU leaders that took place this morning before the informal summit of the 27 in Belgium, complaining about the failure to invite Spanish Prime Minister Pedro Sanchez. According to executive sources in Madrid, reported by Efe, 'this kind of initiative undermines the fundamental principles of the European Union' and risks distancing, rather than bringing closer, shared solutions. The pre-summit was promoted - recalls Efe - by the German chancellor, Friedrich Merz, the Italian premier Giorgia Meloni and the Belgian prime minister, Bart de Wever.

"Personally, I have focused on energy prices. We need answers at the national level, like the very articulate measure that we will bring to the Council of Ministers next week. But we also need answers at the European level, because it is the most serious issue that jeopardises competitiveness'. Giorgia Meloni speaks at Alden Biesen Castle just after the prevertice co-chaired with Friedrich Merz before the retreat on competitiveness. And he confirms the priorities of his agenda, anticipated in Il Sole 24 Ore: "We must start with a thorough overhaul of the Ets system and curb financial speculation. Then the Cbam directive must be amended'.

In his speech before European leaders Mario Draghi 'highlighted the deterioration of the economic environment since he presented his report and the urgency of addressing all the issues he had raised on that occasion'. This was reported by an EU official. The former Prime Minister of Italia 'focused on several key issues: the need to reduce barriers in the single market, the fragmentation of stock markets and efforts to mobilise European savings, the cost of energy, the possibility of a targeted European preference in certain sectors and, finally, on the decision-making process, with the possibility of using - if necessary - enhanced cooperation to move faster on some of these dossiers, as provided for by the treaties,' the source further explains.

"Thank you, dear Mario Draghi, for your thoughts on what Europe must do to strengthen its competitiveness, from energy to capital markets, from strategic industries to other critical sectors". This was written on X by the President of the European Council, Antonio Costa, immediately after the Twenty-Seven's confrontation with the former Prime Minister of Italy at the summit taking place at Alden Biesen Castle. "Your approach offered a fresh perspective to our discussions, providing a solid basis for the leaders' reflections today at Alden Biesen," Costa highlights.

At the EU leaders' informal Competitiveness Retreat at Alden Biesen Castle, the exchange of views with Mario Draghi has just ended. The leaders are heading for the family photo ahead of the working lunch at 27:00.

ANTÓNIO COSTA PRESIDENTE CONSIGLIO EUROPEO MARIO DRAGHI ECONOMISTA SUMMIT INFORMALE LEADER EUROPEI DEDICATO ALLA COMPETITIVITA'

The nineteen countries that met this morning before the informal summit in the castle of Alden Biesen in Limburg will work to propose 'three concrete things to do' to the European Council in March, starting with energy prices. Council President Giorgia Meloni says this on the sidelines of the informal summit in the castle founded by the Teutonic Order in today's municipality of Bilzen in Limburg (Flanders). 'We will continue to work,' she says, 'the goal we set ourselves is not only to meet before the European Councils, but to work, in all the time between European Councils, to come up with concrete solutions. I would like the working group to propose three concrete things for the next Council. The first is on energy prices: we are trying to be very concrete,' he concludes.

The 'work' that some member states do, organising themselves before summits, 'helps everyone'. So says Council President Giorgia Meloni, on the sidelines of the informal summit in the castle of Alden-Biesen, in the municipality of Bilzen (Limburg, Flanders), preceded by a presummit attended by 19 countries out of 27. "The problem," she says, "is that, very often, the indications we give to the Commission are not clear. And, if the indications are not clear, they are lost, because of the overwhelming bureaucracy, because there is the trialogue, because the functioning' of the EU institutions 'is very complex'. So, he continues, 'I think that we do a job that does not go against anyone and that, indeed, helps everyone. It can help the Council, it can help the Commission, it can certainly help citizens and businesses. Because, perhaps, we can give some answers,' he concludes. .

Ireland has 'concerns' about the centralised supervision of financial markets, however Premier Micheal Martin indicated to the press that 'I would not use the term 'red lines' on the subject of the savings and investment union. The PM confirmed that concerns regarding the single unit authority about 'the impact on states' financial services as Ireland is a major player in this area is something we should pay attention to'. Nevertheless, Martin believes that 'in the context of the Commission's proposals, I think there is a landing zone'. On 'European preference', Ireland is extremely cautious, although the PM is comforted by what European Council President Costa said in terms of the application and use of this principle: we understand the problem in terms of the need for industrial resilience in Europe and at the same time, we are doing trade deals around the world, which is somewhat at odds with a more protectionist approach in Europe. We need to find a balance: we need more self-sufficiency in key areas, we need to reduce the risk in terms of over-dependence, but we need to protect the open free trade ethos of the European Union'.

The topic of 'Eurobonds', the common EU debt, will be addressed at the informal summit in the castle of Alden-Biesen, but was not touched upon during the pre-summit. This was said by Prime Minister Giorgia Meloni, arriving at the castle in the municipality of Bilzen in Limburg (Flanders). During the presmit, she says, 'there was no discussion' on this topic, 'but there will be today. I assume that the issue of Eurobonds can also be addressed today. It is one of the big issues that Europe has been discussing for a long time, on which positions are very diverse,' he concludes.

La presidente del Consiglio Giorgia Meloni, in occasione del vertice informale dei leader UE sulla competitività, Alden Biesen (Belgio), 12 febbraio 2026. ANSA/Filippo Attili - Uff stampa Palazzo Chigi

"The leaders agreed to meet again in the margins of the March European Council to maintain a high level of attention on competitiveness issues and contribute to the definition of concrete objectives and precise deadlines". This was indicated by Palazzo Chigi in a note, referring to the inaugural meeting of the new working group dedicated to European competitiveness issues that met prior to the informal meeting of heads of state and government.

"Together with Italia, Germany, Belgium and the European Commission," reads the note, "the meeting was attended by Austria, Bulgaria, Cyprus, Croatia, Czech Republic, Denmark, Finland, France, Greece, Hungary, Luxembourg, the Netherlands, Poland, Romania, Slovakia and Sweden. The leaders' discussion focused on the three priorities outlined in the policy paper prepared by Italia, Germany and Belgium: completion of the Single Market; regulatory simplification and reduction of energy prices; ambitious and pragmatic trade policy.

"The main concern for European industry right now is energy costs. We are not competitive and we risk losing the petrochemical industry, the steel industry, the metallurgical industry, which of course is the basis of all prosperity. If we lose these, we no longer have strategic autonomy. So I think that in 2026 we need to come up with measures to reduce energy costs, to reduce the administrative burden on our companies, to protect our market from dumping by other trading blocs. This is what we have to do in the short term'. So says Belgian Prime Minister Bart De Wever on his arrival at the informal EU Leaders' Summit on Competitiveness at Alden Biesen Castle in Belgium. "I think competitiveness should be on the agenda of every European Council, also to assess long-term projects, like market integration, all that is written in the Draghi and Letta reports," he adds. According to the Belgian premier, the Ets, the EU emissions trading system, 'needs to be reformed'.

Soldati belgi trasportano il loro equipaggiamento all'interno della sede del vertice UE presso il castello di Alden Biesen a Bilzen-Hoeselt, in Belgio, giovedì 12 febbraio 2026. (AP Photo/Omar Havana)

"The protection of the single market is a sensitive issue on which the German and French approaches do not coincide. But it has always been that way since the Second World War. In the European model there are these two ways and we have to reconcile them, find compromises to move forward'. This was stated by Belgian Prime Minister Bart De Wever on his arrival at the informal EU summit at Belgium's Alden Biesen castle. Responding to the question whether Belgium was closer to Berlin or Paris, he said: 'We are always between the two, so we understand both and we are in an ideal position to find a compromise. And it is also a speciality of Belgium to find compromises where they seem impossible'.

German Chancellor Merz indicated to the press, side by side with French President Macron, that the two are 'in agreement on several issues, as almost always: we want the EU to be faster for a competitive industry. I am happy that Macron and I are in agreement on these issues, soon we will also talk about the financing of the EU'. The Chancellor confirmed that today's seminar meeting is not about taking decisions: they will be taken at the March European Council in Brussels.

"We share a feeling of urgency: Europe must act clearly". This was said by French President Emmanuel Macron at a press point at Alden Biesen castle, alongside German Chancellor Friedrich Merz, after the pre-summit and before the EU leaders' summit. "The priority is a very short-term reaction first, which is to implement everything we agree on," he said. "We have to go fast and have very concrete decisions by June." "If we don't move forward with 27, giving us the possibility of enhanced cooperation to go faster.

'Personally I am in favour' of the use of Eurobonds 'but you know that the debate in Europe is one of the most divisive'. Council President Giorgia Meloni said this during a press point before attending the informal EU summit in Alden Biesen Castle in the Belgian province of Limburg. Responding to a question on the coordination meeting that preceded the summit, Meloni then said: 'We did not address the issue of Eurobonds at this meeting, also because the meeting was a settlement meeting and the participation was so large that we really risked being late for the Council.

'I assume that the issue of Eurobonds can also be addressed today,' Meloni then indicated.

German Chancellor Friedrich Merz and French President Emmanuel Macron arrived together at Alden-Biesen Castle in the municipality of Bilzen (Limburg) and spoke side by side to journalists in the doorstep area.

"The issues of competitiveness are many, personally and on behalf of Italia I will focus on the issue of energy prices. Next week we will bring measures on energy to the council of ministers'. Prime Minister Giorgia Meloni said this at the press point before the EU summit on competitiveness.

"What is best for business? First, peace. Second, don't send your money to someone else if you need it for your competitiveness. So don't send money to Ukraine. Third. Reduce and cut the price of energy as much as possible'. This was stated by Hungarian Prime Minister Viktor Orban arriving at the informal summit of European leaders.

"I am a liberal: if we get stronger, we do not need protectionism". Says EU High Representative Kaja Kallas, arriving at the castle of Alden-Biesen, in the municipality of Bilzen (Limburg, Flanders). Then, 'we have to deal with China's coercive practices', she adds.

In addition to Italia, Germany and Belgium - organisers of the meeting - the pre-summit convened before the EU Competitiveness Summit in Alden Biesen was attended by Slovakia, Hungary, Poland, Denmark, Bulgaria, Luxembourg, Finland, Croatia, Belgium, Cyprus, France, Austria, the Czech Republic, the Netherlands, Romania, Greece and Sweden. EU Commission President Ursula von der Leyen was also present. The summit ended a few minutes ago.

The EU pre-summit on competitiveness convened by Giorgia Meloni and Friedrich Merz, together with Belgian Prime Minister Bart De Wever, has begun in the Belgian castle of Alden Biesen.

Further reading

Meloni-Merz axis, pre-summit on competitiveness in Belgium. Evidence of a multi-speed EU

09 February 2026

Defence of the Buy European and the need for new common debt, clear openness to a multi-speed Europe, in areas such as security or defence. Sources close to the Spanish government thus explain the position with which Prime Minister Pedro Sanchez will sit at the table of the 27 at the Alden Biesen Competitiveness Summit. Eurobonds can be 'a key instrument in strategic sectors', add the Moncloa sources, according to which the 'social' dimension of the internal market must be emphasised at the same time. Sanchez, it is explained, will not be present at the pre-summit convened by Italia, Germany and Belgium.

Giorgia Meloni arrives this morning at the Alden Biesen castle for the co-chaired pre-summit with Friedrich Merz's Germany with a list of proposals and a goal: to convince the European partners (17 of them have accepted the invitation, including Emmanuel Macron's France) to share 'concrete measures' on three sectors that she considers priorities for the European shot. Energy, automotive and simplification. The package has been filed down to the last, but the premier is determined to seize the opportunity of the alliance with the Germans to push for effective solutions ahead of the European Council of 19-20 March.

Giornata di confronti in Belgio, nel castello di Alden Biesen, per affrontare il tema della competitività europea. Il vertice informale, voluto dal presidente del Consiglio europeo, Antonio Costa, che partirà dal documento sulla competitività, condiviso dalla premier Giorgia Meloni e dal cancelliere tedesco Friedrich Merz nel corso del vertice intergovernativo del 23 gennaio a Villa Pamphilj. Gli incontri inizieranno alle 9.30 con un “pre-vertice”, una riunione di coordinamento co-presieduta da Meloni e Merz. Prima della pausa pranzo, ci saranno gli incontri con il presidente dell’Europarlamento (10.30) e con Mario Draghi (11.00). Nel pomeriggio, si partirà con il confronto con Enrico Letta (15.00) e seguiranno una sessione di lavoro e la conferenza stampa conclusiva intorno alle 18.30.