The President of the European Commission, Ursula von der Leyen, wants to accelerate the strengthening of the internal market in order to increase the EU's competitiveness.
She said this in a speech in the European Parliament ahead of the EU heads of state and government gathering for an informal summit on Thursday at the Alden Biesen Castle near Liege in Belgium. The focus here is on strengthening competitiveness in the EU.
- We have the world's second-largest economy, but we are driving with the handbrake on, says von der Leyen ahead of the informal summit.
This comes after the fierce confrontations with US President Donald Trump over trade, defence and Greenland have increased the need for European independence from the US. But there is still a lot to do for the EU to catch up with the US economically, says von der Leyen.
- The International Monetary Fund (IMF) has determined that the barriers between EU member states are three times higher than between states in the US. That is why we must focus unequivocally on strengthening the internal market by tearing down the barriers one by one, says von der Leyen.
In a letter ahead of the summit, von der Leyen has pointed to several areas where the EU can act quickly to give companies better opportunities to obtain financing and create growth. In her speech on Wednesday, she reiterates several of the points. They are to be brought together in a roadmap for the internal market, which von der Leyen hopes will be adopted at the formal EU summit in March.
Among other things, European companies must have access to set up companies in any EU country online within 48 hours. The European Commission will present this proposal in March.
Wants to have established a capital markets union
In addition, von der Leyen will push for the adoption of the capital markets union, which EU countries have been discussing for years but could not reach an agreement on. Here, however, the President of the European Commission is willing to proceed with fewer member states if not all 27 EU countries want to join:
- The US has a financial system, a financial capital and a handful of other financial centres. In Europe, we not only have 27 different financial systems, each with its own supervisory authority. But also more than 300 trading venues throughout the EU. This is fragmentation on steroids, says von der Leyen.
She will work to ensure that the EU has "one large, deep and liquid capital market", so that European companies have easier access to financing. And it should ideally happen with an agreement during 2026:
- We need to get it over the finish line. Our companies need capital right now. So let's get it done this year, says von der Leyen.
She says her "plan A" is to get all 27 EU countries behind the proposal:
- But if that's not possible, the treaty allows us to move forward with fewer countries. And we need to make progress in one way or another to tear down the barriers that prevent us from being a true global giant, says von der Leyen.
/ritzau/
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