EU leaders seek ways to give support amid high energy prices

VERSAILLES, France (AP) — European Union leaders on Friday tried to find ways to support the continent's economies as they face skyrocketing energy prices amid a crisis aggravated by Russia's invasion of Ukraine.

Talks at a summit at the Versailles palace outside Paris aim to find a strategy to make Europe “stronger, more sovereign, more independent," European Council President Charles Michel said.

Amid key issues, leaders of the 27-nation bloc were to address energy prices and how to support people's purchasing power and companies' competitiveness, Michel said.

Europe was already facing a tricky test before Russia’s invasion because of an outlook for slowing economic growth accompanied by surging inflation, which is being driven by high energy prices.

The European Commission, the EU’s executive arm, predicted last month that the bloc’s economic growth would slow from 5.3% last year to 4% this year and 2.8% in 2023.

Since Russia’s invasion of Ukraine and intensifying sanctions against Moscow, European officials have signaled those numbers are now too optimistic and will be lowered in the next set of economic forecasts scheduled for May.

French President Emmanuel Macron, who holds the rotating presidency of the EU Council, pushed Thursday for “joint European investments” modeled after the 750 billion-euro ($827 billion) recovery plan launched in summer 2020 to help European economies through the COVID-19 pandemic.

Macron acknowledged that some money from the COVID-19 recovery plan has not been used and that talks will address whether “new decisions” are to be made.

Divergences on how the EU should tackle the energy price surge have appeared ahead of the meeting.

Greece proposed a six-point plan that includes a price-cap mechanism to address spiking energy costs, but...