€17 trillion: that is roughly what the European Union’s gross domestic product amounts to, making it one of the world’s economic powerhouses. In today’s fast-changing global economy and challenging geopolitical situation, the EU must take action to safeguard and boost its competitive edge on the global stage. The EU’s internal market is one of its greatest assets in this regard, along with future-focused policies to help address obstacles for competitiveness and foster innovation.
Ensuring that goods and services can move freely within the EU’s single market means consumers can benefit from a wider choice of products at more competitive prices. It also opens opportunities for businesses, providing them with more potential to grow. With its policies, the EU creates the conditions for companies to compete fairly with each other, and works to prevent practices that negatively impact consumers.
The current situation of the global economy, marked by increasing instability in supply chains and shortages in labour and skills, brings particular challenges. Against this background, the EU set out plans to secure a sustainable supply of critical raw materials and key technologies including semiconductors. These items are crucial for developing products that will allow us to meet our climate and digital objectives. The plans include measures that will help increase production of these materials within the EU and boost our ability to withstand disruptions in global supply chains.
In their strategic agenda for 2024-2029, the leaders of EU Member States underlined their commitment to strengthening the EU’s competitiveness on a global level. They outlined several priorities to achieve this objective, including:
- investing in skills, training and education,
- further promoting an innovation- and business-friendly environment in the EU,
- mobilising both public and private funding for investment projects, including by integrating European capital markets.
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