EU Leaders Set Ambitious Deadlines for Competitiveness Boost

European Union leaders will set deadlines for a unified energy market and increased investment in tech to boost competitiveness. The summit aims to address challenges like geopolitical realities and barriers in the EU single market, with proposals due by 2025.

At their upcoming summit in Budapest, European Union leaders are setting multiple deadlines to enhance the bloc's competitiveness through a more integrated single market, increased capital for investment, and a unified energy grid.

Facing warnings of falling behind in the global tech race against the United States and China, the EU leaders will underline the urgent need for decisive action. They will urge the European Commission to devise proposals by 2025 to eliminate barriers in the single market and integrate capital markets by 2027, enabling the flow of 33 trillion euros in private savings towards the real economy.

The draft conclusions further address the need to harmonize insolvency laws, update antitrust regulations, and improve access to critical minerals. They aim to promote quantum technology, AI, and digitization, while also lessening the reporting burden on companies to enhance business operations within Europe.

(With inputs from agencies.)