EU to accelerate single market - After difficulties in competing with US and China
European Union leaders agreed on a set of commitments to improve the way the bloc's borderless internal market works so that Europe's businesses can be competitive and survive aggressive economic rivalry from the US and China.
Leaders agreed to accelerate the completion of a savings and investment union, review the union's rules, make it easier for companies to start up and operate, and reduce bureaucracy in all aspects.
"I was pleased to hear unanimous support for accelerating the Savings and Investment Union. Europe needs a single and efficient financial system that can better transform European savings into investments in Europe ," said European Council President Antonio Costa at a press conference after the meeting.
The European Commission will present a plan in March on how to proceed with this deepening of the single market of 450 million consumers, with the aim of leaders agreeing on a concrete timeline.
More specifically, Commission President Ursula von der Leyen said that a capital markets union, which has been long overdue, would allow for more productive investment of the estimated 10 trillion euros of savings currently sitting in bank accounts.
"We agreed that we want to complete the first phase of the Savings and Investment Union, which includes market integration, supervision and securitisation, by June ," she said.
If it is impossible to move forward quickly with all 27 member states at the same time, the EU will continue with the project in a smaller group of at least 9 member states, von der Leyen added.
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