The European Union's big two-day summit just wrapped up in Brussels, and guess what? EU leaders are sounding the alarm: It's time to boost Europe's competitiveness, and there's literally \"no time to waste\"! 🚀💥
Facing some major global shake-ups, the EU wants to up its game on the world stage and cut down its over-reliance on other countries for economic and security needs. European Council President Charles Michel didn't mince words—he's all about making sure Europe stays influential and prosperous. 🌍💶
'No Time to Waste' ⏰
So here's the deal: The European economy isn't exactly killing it right now. With global tensions, tighter money policies, and weak demand, things are looking kinda sluggish—especially in manufacturing and energy-intensive industries. In fact, reports show that nearly 1 million manufacturing jobs have been lost over the past four years. 😬
At the summit, leaders talked about nine key areas to pump up competitiveness, like deepening the single market and boosting investments through the Capital Markets Union (CMU) and the European Investment Bank. They're also eyeing an EU-wide effort to support industrial companies, partly in response to the U.S.'s Inflation Reduction Act, which put serious cash into supporting domestic production. 💡
Former Italian Prime Minister Enrico Letta warned there's \"no time to waste\" to close the growing gap with the U.S. He pointed out that rising protectionism is a big threat and that the EU needs to tap into its own resources—like the whopping 33 trillion euros in private savings! 🤑
European Commission President Ursula von der Leyen said that if the EU completes the CMU, they could raise an extra 470 billion euros a year from capital markets! Talk about leveling up! 🎮
United or Divided? 🤔
But hold up—not everyone is on the same page. While France and Germany are hyped about the plan, other member states are worried about losing control over their own economic policies. Leaders from Estonia and Ireland voiced concerns about giving up national advantages like tax systems and emphasized the need to avoid too much centralization. 🛑
On top of all that, the EU reaffirmed its support for Ukraine but admitted that limitations in their own defense capacities make it tough to do more. Regarding the Middle East, they urged all parties to chill out and avoid actions that could heat things up even more. They also agreed to slap more restrictions on Iran, focusing on drones and missiles. 🛩️🚀
Looks like the EU's got a lot on its plate! 🍽️ Will they manage to unite and boost their competitiveness? Only time will tell. Stay tuned! 📺
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EU summit urges boosting competitiveness, saying 'no time to waste'
cgtn.com
