On March 19 and 20, 2023, the summit of the 27 EU leaders is taking place amidst rising Brent oil prices exceeding $110 per barrel and ongoing conflicts in the Middle East. The agenda is heavily focused on the energy crisis, with experts indicating that this situation may prove to be even more critical than the crisis caused by the war in Ukraine. The EU finds itself under pressure to collaboratively seek solutions to enhance its economic competitiveness while navigating the adversities of new warfare.

The energy issue has taken center stage as the number one concern currently facing the EU, shaking the foundations of its economies. The ongoing Middle Eastern conflict is seen as a major factor contributing to energy instability, prompting various leaders and officials to deliberate on measures such as reducing taxes on fuel and implementing subsidies for diesel in Athens. Such economic discourse emphasizes the urgent need for a united strategy as the current crisis represents a significant threat to the stability of the European economy.

The remarks made by Kyriakos Pierrakakis, the president of the Eurogroup and Minister of National Economy and Finance, underscore the gravity of the situation. He highlighted that the economic landscape is precarious, hinting at potential solutions that may mitigate the impacts of both the energy crisis and geopolitical tensions. The summit serves as a crucial platform for the EU leaders to reach compromises and strategically position themselves against these turbulent times and integrate economic resilience into their policies.