Response from Brussels

The Council of 27 European leaders has been briefed by Ukrainian President Volodimir Zelenski – via teleconference – on the ongoing negotiations around a truce, but the final text of the conclusions will only include a few lines for Ukraine, due to the veto.

As was the case with the Extraordinary European Council on March 6, 26 leaders are expected to approve a statement confirming their support for Kiev, their desire to adopt new sanctions, and their intention to provide military and financial assistance to Ukraine.

The “27” meets the day after the “White Bible” presentation on the defense by Commission President Ursula von der Laien, which includes, among other things, the activation of the national escape clause from strict fiscal rules, as well as details of the € 150 billion. Although European diplomats are not awaiting in -depth debate on the defensive plan, it may, however, may seek details of the conditions for borrowing or already expressing some of the proposed funding tools.

First discussion on the new perennial budget

The first debate on the new multiannual budget (2028 – 2034) is expected to be difficult during tonight’s dinner, as it will essentially look for ways to repay the loans of the NextGenerationeu economic recovery package during the pandemic. According to some diplomatic sources, nearly 10-15% of the new budget will head to repayment of loans in the good scenario. About 1/5 of the budget, however, will be required to head to agriculture or cohesion. Although European Council President Antonio Costa would like to have clear directions from the Member States for the new perennial budget starting in 2028, many diplomats find the debate quite early, with the Commission submitting its first related proposals in the summer.

The topic of “thorn” for ten Member States is the supervisory authority proposed by the Commission for the “savings and investment union”, the renaming of the so -called “capital markets”, which will be discussed today. Some Member States, such as Luxembourg, believe that a centralized supervisory authority is needed to achieve this ambitious goal, with the question mark that the next German government will hold.