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European heads of state are calling for economic policy change
The EU plans to strengthen the domestic economy by adapting its economic policy to current challenges such as competition and subsidy policy. Investments, capital markets union and efficient supervision are the focus. Find out how Europe wants to drive its economy forward!
European heads of state are calling for economic policy change
The heads of state and government of the EU come together to adapt the economic policy of the international community to the current challenges. In view of geopolitical tensions and the subsidy policies of some countries, they recognize the need for economic policy change. They emphasize that, despite its status as the world's largest single market, Europe has not yet achieved its full potential. It is becoming clear that Europe is facing increasing competition from the USA and China, who are giving their companies advantages through high subsidies.
In order not to be left behind, mobilizing money is crucial. Leaders are calling for more funding, from both public and private sources, to invest in key strategic areas and infrastructure. Mobilizing money from private individuals and companies is seen as a priority. A special report highlights that there is €33 trillion in private savings in the EU, mostly in the form of cash and deposits. Every year, around 300 billion euros in savings of European citizens flow abroad, mainly to the USA.
Heads of state and government are pushing for accelerated development of the Capital Markets Union as the key to unlocking private capital. They are also working to advance work to harmonize aspects of national corporate insolvency rules. More efficient supervision of the capital markets in the EU and strengthening citizens' financial knowledge are further priorities. Scholz is optimistic about progress in merging the European capital markets in order to promote growth in Europe.
There is a discussion about more state aid and reducing bureaucracy. The European Investment Bank and the EU's long-term budget should play a role. There is discussion about more state aid in Europe to cushion the impact of state aid in other countries. A report proposes introducing stricter state aid rules at national level and making more public money available for EU-wide projects. There is also a demand to reduce the bureaucratic burden on companies and national authorities.