Time for a European single market ‘with teeth’ to take on China, India, leaders told – POLITICO

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In his report, Letta suggests there should be wider use of EU laws that governments must apply to the letter — rather than being able to make changes to them, which can lead to a confusing patchwork of requirements. He also proposes a European Code of Business Law to streamline administration for companies.

The former prime minister said he also wants to build on the Important Projects of Common European Interest model which combines national subsidies to boost key technologies, and an Enlargement Solidarity Facility to facilitate a smooth EU entry for new members.

To help fund all its new goals, the EU needs a common financial market — a Saving and Investment Union — his report says, which can channel EU citizens’ savings to support businesses.

“In Europe, there is not an interest in investing in the private equity, and there is not a big interest in having risky investments,” Letta said, recommending incentives to attract investment firstly for the green and the digital transition.

Defense bonds

The report has a strong focus on integrating the energy, telecommunications, and finance industries with a roadmap to achieve progress in each sector by 2029. That could mean allowing more dealmaking, he said, a frequent demand by telecoms providers.

The money the EU will spend to improve its security should support “jobs and industries in Europe,” the report said. One of Letta’s advisers said he is supportive of defense bonds, already touted by internal market chief Thierry Breton and Estonian Prime Minister Kaja Kallas.

Once leaders have discussed the report this week, they will give directions on how much of it they want to see the Commission and European Parliament take on after the European elections in June and the formation of the new executive at the end of the year.



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Read More: Time for a European single market ‘with teeth’ to take on China, India, leaders told – POLITICO

2024-04-16 13:28:36

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