The EU struggles to curb rising energy prices: Policy options are limited, and there is no quick fix in the short term.

(1) EU leaders are seeking to alleviate the surge in energy prices, but the US-Iran war leaves them with few policy options. (2) The surge in energy costs has become a central topic in the broader discussion of Europe's competitiveness. (3) EU leaders will hold a two-day summit in Brussels starting on Thursday to discuss this issue. (4) A senior EU official stated that the European Commission is expected to point out to member state leaders that there are no immediate solutions to high energy prices. (5) EU member states are also facing many constraints: government budgets are increasingly stretched, price caps and tax cuts would bring heavy fiscal costs, and soaring interest rates further exacerbate the challenges. (6) The EU has almost no effective short-term countermeasures. (7) The European Commission is considering extending the joint energy procurement mechanism, postponing the implementation of climate regulations related to methane emissions from fossil fuel imports, and prolonging state aid measures for severely affected industries. (8) However, since Europe relies on oil and natural gas imports, these measures cannot curb the rise in energy prices in the short term.