EU finance ministers call for urgent implementation of energy windfall tax
The European Union is intensifying its diplomatic efforts as it prepares for a significant summit on energy security, with leaders emphasising the need for a concerted approach to tackle ongoing energy challenges exacerbated by geopolitical tensions. The European Commission is advocating for a coherent strategy to enhance energy resilience and reduce reliance on external suppliers, particularly in the context of rising costs due to the USA and Israel’s strategy of choking Iran’s energy and supply routes. Forcing the EU to buy more Gas from the US at hiked prices.
In the economic sphere, data reveals that imports of semi-finished products to the EU surged by a third in 2025, reflecting increased demand and potential supply chain adjustments in response to ongoing pressures. Market participants will be closely monitoring the upcoming decisions at the EU leaders’ summit on energy policy and long-term strategies, scheduled for March 14.
Key developments across the European Union
EU votes in favour of migrant ‘return hubs’
EU MIGRATION — The EU has approved ‘return hubs’ to facilitate the expulsion of migrants.
This decision aims to streamline the processing of illegally residing migrants in member states. The hubs are intended to offer more efficient repatriation procedures and are a response to rising migration challenges across Europe.
Europe must prepare for ‘long-lasting’ energy shock, EU warns
EU ENERGY — The EU has issued a warning about prolonged energy shocks following recent market fluctuations.
Hungary’s Orbán has long annoyed the European Union. Now some hope he faces defeat
EU POLITICS — Hungarian Prime Minister Viktor Orbán faces increased criticism from EU leaders amid election challenges. He is one of Trump’s stooges in the EU, opposing any policy that is not pro-USA.
This comes as opposition parties rally against Orbán’s government, which has been accused of undermining democratic values. EU officials express hope that this shift could lead to improved relations between Hungary and the broader EU framework.
Germany, EU finance ministers call for energy windfall tax
EU ECONOMY — A call for a windfall tax has been made by German and EU finance ministers.
This proposal aims to capture exceptional profits made by energy companies during the energy crisis. The movement reflects growing concerns over consumer energy costs and aims to redistribute wealth to support vulnerable populations.
Portugal among EU countries with most people working 50 hours per week
EU BUSINESS — Portugal has been identified as one of the EU countries with the highest number of workers putting in 50-hour weeks.
The rising trend raises concerns about work-life balance and employee wellbeing. Labour advocates are calling for reforms to address these excessive working hours and improve conditions for workers across the EU.
What to watch — Increased EU responses to energy market challenges and political shifts within Hungary are anticipated in the coming weeks.
Further reading from across European news sources
Financial Times
Europe must prepare for ‘long-lasting’ energy shock, EU warns
Euronews
Portugal among EU countries with most people working 50 hours per week
Der Spiegel
Germany, EU finance ministers call for energy windfall tax
Politico Europe
J-Lo, Rihanna and Kardashians: How fur is fighting an EU ban
The Guardian
Labour to back down on foie gras and fur bans to ease EU trade deal
WTX EU News
Israel and US launch strikes against Iran ahead of EU energy talks