European Union Leaders to Set Deadlines for Deeper Single Market and Increased Investments
In an upcoming summit in November, European Union leaders will be focusing on boosting the bloc’s competitiveness by setting deadlines for a deeper single market, more capital for investments, and a unified energy market. The urgency of decisive action is stressed in response to warnings that the EU risks falling behind the United States and China in the global tech race.
The draft conclusions, as seen by Reuters, highlight the need for the European Commission to present proposals by June 2025 to deepen the EU single market and integrate European capital markets by 2027. These moves could potentially redirect a significant amount of private savings towards the real economy, which is crucial for economic growth.
Harmonizing national insolvency laws and supervisory convergence are also key issues addressed in the draft conclusions, along with calls for updated antitrust rules and improved access to critical minerals. Additionally, the leaders are expected to request proposals by mid-2025 to enhance the EU’s capabilities in quantum technology and AI.
By 2027, the goal is to establish an energy union that promotes the flow of clean energy across the bloc, aiming to reduce prices, ensure energy security, and achieve climate neutrality by 2050. The draft conclusions also include a target of reducing the reporting burden for companies by at least 25%, as companies often cite red tape as a major obstacle to doing business in Europe.
In summary, the upcoming summit will focus on key areas such as deepening the single market, integrating capital markets, enhancing technological capabilities, and promoting clean energy. These initiatives are essential for the EU to remain competitive on the global stage and drive economic growth in the region.