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Faced with US and China, EU leaders call for sweeping competitiveness deal
euronews (in English)
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18/04/2024
The 27 leaders of the European Union have called for a "new competitiveness deal" to close the economic gap with its global rivals and reverse a worrying trend of industrial decline.
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00:00
The EU agrees it needs to do something and do it quickly to compete with the likes of
00:06
rivals China and the United States. But its leaders have disagreed on what. After much
00:13
debate at a summit in Brussels, they endorsed calls for a new competitiveness deal aimed
00:20
at reversing the worrying trend of industrial decline.
00:25
The single market is the jewel of the crown, we all know, and the single market has to
00:32
be completed, extended, and we have to concretely go in the direction on how the single market
00:40
can profit to the citizens.
00:47
His report suggests extending the EU market to sectors of financial services, energy and
00:53
electronic communications. Boosting innovation is also a key point.
00:58
But the big issue remaining is how to find the money needed to improve competitiveness.
01:04
One idea is promoting state aid at the EU level. Enrico Letta says that public money
01:10
should play a role. Some member states support the issuing of common EU debt.
01:18
The meeting ended with the leaders calling for policies that will enhance Europe's economic,
01:25
manufacturing, industrial and technological base to ensure economic resilience and industrial
01:54
renewal.
01:54
(whooshing)
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