EU faces battle to keep energy prices from tanking economy

BRUSSELS (AP) — European Union leaders enter a crucial stretch this week to make sure runaway energy prices and short supplies don't further tank their struggling economies and foment unrest.

At the same time, they need to keep all 27 members united in their opposition to Russian President Vladimir Putin.

Leading up to Thursday's start of a key summit, the European Commission, the bloc's executive branch, proposed a blueprint on Tuesday that needs to reconcile the yawning gap between those who want to impose a common gas price cap to keep prices down and those who think it would primarily keep out supplies, further starving industries and businesses.

Then, going into the weekend, EU leaders will seek a compromise during two days of talks, however hard that may be.

As a sweetener, the European Commission also proposes to retarget some 40 billion euros in budget aid towards those most affected by the crisis.

European Council president and summit host Charles Michel told the 27 leaders in his invitation letter that there were three lines of action: reducing demand, ensuring security of supply and containing prices.

“Europe is facing its week of truth,” Belgian Prime Minister Alexander De Croo said.

“This week it is hit or miss.”

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