More trade, less regulation: EU leaders confirm path toward competitiveness

Brussels – Proceed like before, in the direction developed and even more yet to be created because the path to European competitiveness will continue to rest on at least two strands of work: simplification and multilateralism, which, translated, means fewer rules and more foreign trade, for an industry-proof EU.  From this perspective, the summit of EU heads of state and government yields little. However, ultimately, it provides clear mandates to those in charge, starting with the European Commission, which has significant contributions to make in trade and industrial relations with other players. The summit’s conclusions emphasize the need for strategic autonomy, reduction of dependencies, especially energy, and securing supplies and supply chains. This translates into trade, and the leaders’ decisions look ahead to the coming months. As the President of the European Council, Antonio Costa, explained at the final press conference, the upcoming summits with Moldova (4 July), Japan, China (24-25 July), Latin American countries and the Caribbean (EU-CELAC 9-10 November), and African Union countries in the second half of this year, “will provide us with further opportunities to promote fair and reliable trade, economic security, and to shape a clean transition,” thereby boosting the competitiveness the EU is looking for.

Therefore, the leaders give and reiterate the mandate to the Commission to work across the board for an ever-closer and broader network of relationships valuable for the twelve-star revival. However, they call on the Commission to renew its focus and show fresh momentum on the energy issue. “In the light of the global instability and pressure on energy markets, and their impact on Europe’s competitiveness,” the Twenty-Seven “reiterate the importance of building a genuine Energy Union before 2030 with a fully integrated and interconnected EU energy market.” It is a reform effort internal to the Union, which also involves improving the Single Market and establishing the Savings Union, which is currently underway.

In short, “the road ahead is clear,” the European Commission President Ursula von der Leyen said, convinced that precisely for this reason, in the end, “we had a productive European Council summit at a decisive moment” for the EU and its member states. Now, all that remains is to work for European competitiveness.