EU leaders agree on the need for a faster market and less bureaucracy

At an informal meeting in Belgium, European Union leaders agreed that the bloc must accelerate the functioning of the single market and strengthen the competitiveness of European companies vis-à-vis the US and China. According to Ursula von der Leyen, the Commission will present a concrete plan and timetable of steps in March.

The aim is to complete the savings and investment union, simplify business rules, reduce excessive bureaucracy, and review merger regulations so that strong European players can emerge.

The EU has long lagged behind in growth, productivity, and innovation, while also facing pressure from tariffs and export restrictions from global rivals. Brussels wants to complete the first phase of capital market reform by June.

The discussion also touched on high energy prices, which are weighing on European industry. The Commission is to present proposals for solutions in March, defending the ETS emissions trading system as an effective tool with the potential to regulate prices.

(reuters, pir)