EU leaders have endorsed a 'New European Competitiveness Pact' aimed at revitalizing the economy and reducing the disparity with the US and China. The agreement focuses on strengthening the single market, facilitating finance for SMEs and startups, cutting bureaucracy, and encouraging high-tech innovation.
A commitment to allocate 3% of GDP towards research and development is also a key component. Despite these advancements, the proposal for a common EU debt, advocated by Mario Draghi, was not adopted.
Instead, existing mechanisms like the EU budget and the European Investment Bank will be utilized. Ursula von der Leyen emphasized the necessity of both public and private investments, while Charles Michel highlighted the need for structural reforms alongside economic solidarity.
The refusal to adopt joint debt underscores ongoing challenges in achieving consensus, though the pact marks a significant step in enhancing EU competitiveness.
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