Kuwait city: European Commission President Ursula von der Leyen on Wednesday called for "tearing down the barriers" preventing the European Union from becoming a true global economic powerhouse, ahead of leaders' talks on strengthening the competitiveness of the bloc. According to Kuwait News Agency, von der Leyen, speaking at a European Parliament plenary debate on urgent measures to revive EU competitiveness, deepen the Single Market, and reduce the cost of living, emphasized the necessity for immediate action. She stated, "Our companies need capital right now. So let's get it done this year," highlighting the imperative to close the gap with economic leaders like China and the United States. She further stressed, "We have to make progress one way or the other to tear down the barriers that prevent us from being a true global giant," criticizing the current system as "fragmentation on steroids." Von der Leyen detailed significant initiatives from the past year, including the Clean Industrial Deal, advance ments in AI and gigafactories, the establishment of five new trade agreements, simplification packages, and support for various industrial sectors like automotive, steel, and chemicals. Addressing trade issues, von der Leyen highlighted the importance of a competitive and independent Europe, warning against the risks of over-reliance on strategic supply chains, which could be manipulated as a tool of coercion. She underscored the necessity of strengthening ties with "reliable partners," pointing out the EU's recent trade agreements with nations such as Mexico, Indonesia, and Switzerland, and the landmark free trade deal with India, covering a market accounting for 25 percent of global GDP. On the topic of the Single Market, von der Leyen cited IMF estimates showing that existing barriers between EU member states are substantially higher than those between US states, thus hampering the bloc's economic potential. She unveiled plans for a "28th regime," a unified system aimed at allowing companies to establish themselves online within 48 hours in any EU member state, thereby easing access to finance and facilitating cross-border operations. In financial markets, she criticized the existence of 27 separate financial systems and over 300 trading venues within the EU, likening it to "fragmentation on steroids." She called for advancements toward a unified European capital market through the proposed Savings and Investment Union. Von der Leyen concluded her address by urging the endorsement of a Joint Single Market Roadmap to 2028 at the European Council meeting in March, aiming for key proposals to be adopted by the end of the following year. She stressed the urgency of these measures, stating that "time is of the essence" in achieving the EU's economic objectives.
