EUROPEAN COUNCIL: Ukraine, Defence, Climate Just Few Of Topics For Major Summit

European Union leaders are meeting in Brussels today for a Council summit with a busy agenda. There are seven major political and economic issues for the EU (Ukraine, the Middle East, European defence and security, climate and competitiveness, housing, migration, and relations with Moldova) to be discussed, in addition to a Euro Summit, with ECB President Christine Lagarde in attendance. 

• EUCO got underway at 10:00CET (04:00ET, 09:00BST) with an exchange of views with European Parliament President Roberta Metsola. The first working session runs 11:00CET (05:00ET, 10:00BST) to 13:30CET (07:30ET, 12:30BST). The second gets underway at 15:00CET (09:00ET, 14:00BST), which then rolls into the Euro Summit working dinner.
• There will be a draft conclusions document published once agreement is reached, as well as an EU26 document related to Ukraine (excluding Hungary).
• Climate and competitiveness: expectation is for pushback from some national leaders against EU's Green Deal programme, including 2040 emissions targets and combustion engine ban, for fear of shackling domestic economic growth.
• Ukraine: major issues surround the prospect of using frozen Russian assets held in EU to fund 'reparations loans' for Ukraine. Belgium (where most are held) has voiced serious reservations, as have Luxembourg, Italy and others.  Likely to come up in the Euro Summit as well, with Lagarde having previously voiced reservations about the plan's potential impact on euro stability and status as a global safe-haven currency.
• Given large number of subjects on the docket, there is the prospect of talks running through the night so draft conclusions may come in the early morning of 24 Oct.