'There is no time to waste': EU leaders want to boost competitiveness to close gap with US and China
abcnews.go.comEuropean Union leaders debated at a summit in Brussels a new “European Competitiveness Deal” aimed at helping the 27-nation bloc close the gap with Chinese and American rivals
BRUSSELS — BRUSSELS (AP) — European Union leaders on Thursday debated a new “European Competitiveness Deal” aimed at helping the 27-nation bloc close the economic production gap with Chinese and American rivals amid fears the region's industries will otherwise be left behind for good.
In a volatile geopolitical landscape redefined by the ongoing war between Russia and Ukraine and increasing tensions in the Middle East that create new economic challenges, EU leaders believe there is an urgent need for action.
China, the U.S. and the European Union are the three largest economies in the world, but the EU's share has diminished over the past 30 years. Europe is now feeling pressure amid U.S. and Chinese efforts to support investment in domestic production through subsidies and tax breaks, particularly in renewable energy and green technology.
Before the summit in Brussels, the former president of the European Central Bank, Mario Draghi, said the EU did not pay enough attention to “external competitiveness as a serious policy question” and insisted Europe's biggest economic rivals “are no longer playing by the rules.”
«In the face of a new geopolitical reality and increasingly complex challenges, the European Union is committed to acting decisively to ensure its long-term competitiveness, prosperity and leadership on the global stage and to strengthen its strategic sovereignty,” leaders agreed as their summit in Brussels concluded.
Leaders heard a proposal for an EU-wide effort to subsidize industrial companies in response to the Biden
Read more on abcnews.go.com
