EU summit decides on changes in economic policy

EU summit decides on changes in economic policy

EU summit for changes to European economic policy

Competition in the West and East, wars and crises represent current challenges that the EU heads of state and government want to face. In view of geopolitical tensions and unfair subsidy practices in some countries, a rapid change in European economic policy is sought. Chancellor Olaf Scholz emphasized the untapped potential of the world's largest internal market and the need to develop it.

In order not to fall behind, increased mobilization of money is crucial. According to EU Council President Charles Michel, more resources need to be made available, both through public and private financing. A special report highlights the importance of mobilizing money from individuals and companies to invest in strategic areas and infrastructure.

Another focus is on more efficient supervision of the capital markets in the EU and strengthening general financial knowledge. The heads of state and government instructed the EU Commission to develop measures to improve cooperation between supervisory authorities in order to better monitor financial companies operating across borders. In addition, citizens' general financial knowledge should be strengthened in order to stimulate investments.

With regard to public money, there is discussion about increasing the involvement of the European Investment Bank and the EU's long-term budget. Considerations for more state aid in Europe are intended to cushion the effects of state aid from China and the USA. The aim is to establish stricter state aid rules at national level, but at the same time make more public money available for projects at EU level. Calling for a reduction in bureaucracy for businesses and national authorities is another objective highlighted in the summit's final declaration.