The 27 leaders of the European Union have gathered in eastern Belgium for an all-day summit dedicated to finding new ways to revive the bloc’s stagnant economy, abolish regulatory barriers, attract investment and stimulate innovation, APA reports, citing Euronews.
The mission has acquired a renewed sense of urgency as the EU confronts punitive tariffs from the Trump administration and a flood of low-cost imports from China.
Europe’s global power depends “greatly” on its economic strength, Ursula von der Leyen, the president of the European Commission, warned on the eve of the summit.
“Competitiveness is not just the foundation of our prosperity but of our security, and ultimately of our democracies too,” von der Leyen said.
Although leaders agree on the bleak diagnosis, they remain poles apart when it comes to the prescription, suggesting expectations for an impending breakthrough are low.
Earlier this week, French President Emmanuel Macron called for “future-oriented Eurobonds” to finance strategic projects.
“The global market is increasingly afraid of the American dollar. It’s looking for alternatives. Let’s offer it European debt,” he said.
By contrast, German Chancellor Friedrich Merz and Italian Prime Minister Giorgia Meloni are expected to present a joint economic doctrine based heavily on deregulation.
Meanwhile, the Netherlands, the Nordics and the Baltic will make the case against the “Buy European” preference, which they see as protectionism in disguise.
Also participating in the summit are Mario Draghi and Enrico Letta, two former Italian prime ministers who authored separate reports on the European economy.