The EU summit in Brussels descended into chaos as European Council President António Costa was criticised by leaders and diplomats, who accused him of losing control of the room. Talks on energy costs and the new seven-year EU budget reportedly lasted about 14 hours on Thursday without substantive progress, and Costa's press conference was cancelled. The biggest clash centred on ETS2, the carbon pricing system for road transport and heating scheduled for 2028, with Italy, Poland, Hungary, the Czech Republic, Slovakia and Greece pushing to postpone it to 2030, while Germany, France, Spain and others resisted. Tensions between German Chancellor Friedrich Merz and Italian Prime Minister Giorgia Meloni reflected deeper divisions over inflation and the cost of the green transition, as the Financial Times reported European gas prices had surged roughly 140%.
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Related tickers and likely impact
EUR/USD
▼ Likely negativeRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/15/2026 | 1.12214 |
| Change that session | +0.57% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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