{"id":422013,"date":"2025-03-20T15:39:02","date_gmt":"2025-03-20T14:39:02","guid":{"rendered":"https:\/\/www.eunews.it\/2025\/03\/20\/intervista-de-lotto-autonomia-strategica\/"},"modified":"2025-03-20T16:45:23","modified_gmt":"2025-03-20T15:45:23","slug":"interview-de-lotto-eesc-europe-is-lagging-behind-by-20-years-capital-markets-union-needed","status":"publish","type":"post","link":"https:\/\/www.eunews.it\/en\/2025\/03\/20\/interview-de-lotto-eesc-europe-is-lagging-behind-by-20-years-capital-markets-union-needed\/","title":{"rendered":"INTERVIEW\/ De Lotto (EESC): “Europe is lagging behind by 20 years. Capital markets union needed”"},"content":{"rendered":"

Brussels – Strategic autonomy<\/strong> is a concept being talked about in European institutions with increasing urgency and insistence. The world has changed rapidly and, as European Economic and Social Committee advisor Pietro De Lotto<\/strong> explained to Eunews, Europe had lagged 20 years behind. Now much is moving, but some key pieces are still missing, starting with the unification of capital markets<\/strong>.\u00a0<\/span><\/p>\n

Eunews: Councilor De Lotto, how did we come to talk about strategic autonomy?<\/b><\/p>\n

Pietro De Lotto: It is a concept launched a few years ago but has undergone several modifications. At the European level, we initially\u00a0<\/span>talked about “Open strategic autonomy<\/strong>.”<\/span>\u00a0In the last 25 years, Europe has had a position of total openness in the world market.\u00a0<\/span>We have probably had an\u00a0excess of confidence in the potential of open competition<\/strong>: starting in 2002 (China’s first year as a member of the WTO,\u00a0Ed.<\/em>),\u00a0we began to delegate some fundamental activities, starting with manufacturing, to others, trusting that we could exclusively maintain the financialisation of the economy.<\/span>\u00a0At the same time, we delegated our\u00a0energy supply<\/strong> to another partner, Russia. Finally, we totally relied on traditional trans-Atlantic relations as far as <\/span>the defence<\/strong>\u00a0was concerned. To this, it must be added that we did not safeguard and promote a domestic capital market. Hence, the need to reconsider not our interdependencies but our dependence, which has become very strong. In these 20 years,\u00a0the accumulated delays have been great<\/strong>.<\/p>\n

E: Do you think we were able to rebalance the situation? <\/b><\/p>\n

P.D.L.: With difficulty, we managed to do that, yes. This despite the fact that we have not achieved the\u00a0internal energy market<\/strong><\/span>,\u00a0we have not formed the banking and capital union, nor have we strengthened our own way, a “European way”, in some strategic sectors. I am talking about telecommunications systems<\/strong>, supply chains related to the defence industry and critical raw materials<\/strong>. The new geopolitical situation meant that the position we had built, an agglomeration of different interests, was no longer bearable.\u00a0<\/span><\/p>\n

E: What would you highlight about the ReArm EU plan?<\/b><\/p>\n

P.D.L: I think the disruptive aspect was the words\u00a0of Ursula von der Leyen\u00a0<\/strong><\/span>yesterday (March 19), who said that she does not expect ReArm plan funds to be used for purchases outside Europe<\/strong>, where we currently spend, depending on estimates, between 60 and 80 per cent of our resources. This is something really important.\u00a0<\/span><\/p>\n

E: What is the most difficult challenge facing Europe? <\/b><\/p>\n

P.D.L.: The most complicated area is critical raw materials because we do\u00a0not produce them. Here, the diversification of supplies<\/strong> is crucial. It is almost never mentioned, for example, that the EU signed<\/a> before the war a joint exploitation agreement with Ukraine. However, I think it is incumbent, though perhaps heterodox, to return to the capital market<\/strong>. Europe has an enormous production of savings and an enormous capacity to mobilise them, but without a banking and capital union, we risk benefiting our competitors. The need for strategic autonomy, which is now no longer “open,” also comes through here. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

For the European Economic and Social Committee adviser to achieve strategic autonomy, Europe must diversify the supply of critical raw materials<\/p>\n","protected":false},"author":6540,"featured_media":422005,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"episode_type":"","audio_file":"","podmotor_file_id":"","podmotor_episode_id":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","filesize_raw":"","date_recorded":"","explicit":"","block":"","jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","number_popup_post":"1","show_author_box":"0","show_post_related":"1","show_inline_post_related":"0"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","subtitle":""},"jnews_primary_category":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[25705,25707],"tags":[26240,30783,25915],"class_list":["post-422013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-world-politics","tag-european-economic-and-social-committee-en","tag-pietro-de-lotto-en","tag-autonomy-strategic-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/posts\/422013","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/users\/6540"}],"replies":[{"embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/comments?post=422013"}],"version-history":[{"count":4,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/posts\/422013\/revisions"}],"predecessor-version":[{"id":422034,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/posts\/422013\/revisions\/422034"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/media\/422005"}],"wp:attachment":[{"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/media?parent=422013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/categories?post=422013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/tags?post=422013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}