European Commission chief Ursula von der Leyen urges EU to dismantle barriers to capital and competitiveness, pushing for a unified market to rival the US and China.
BRUSSELS: European Commission President Ursula von der Leyen has called for the EU to dismantle internal barriers to become a “true global giant”.
She told EU lawmakers that the bloc must urgently address its fragmented market and capital access issues to compete with the United States and China.
“Our companies need capital right now. So let’s get it done this year,” von der Leyen said.
She described the current system as “fragmentation on steroids” ahead of a summit focused on bolstering the bloc’s economy.
Reviving the EU economy has gained urgency amid geopolitical shocks, including US trade policies.
A key problem is that European companies struggle to access capital for scaling up compared to American firms.
Von der Leyen proposed advancing collectively as 27 states or pursuing “enhanced cooperation” between willing countries.
She advocated for stepping up European production and expanding trade with reliable partners.
The EU is pursuing new trade deals with Australia, Thailand, the Philippines and the United Arab Emirates.
Von der Leyen also supports a “European preference” in strategic sectors to strengthen the bloc’s production base.
She cautioned against a “one-size-fits-all” approach, noting some member states fear veering into protectionism.
The Commission will next month propose a voluntary “EU Inc” set of rules to simplify cross-border business.
This 28th regime would apply uniformly across the EU, detached from any single national system.
Brussels argues market fragmentation is a primary reason the EU economy underperforms.
The Commission is also engaged in a major effort to cut red tape for businesses.
Critics accuse the EU of watering down key climate legislation in its push to ease regulatory burdens.
