“I have not forgotten that in 2020 many predicted mass unemployment in Europe and a long recession. That did not happen. On the contrary, today we have more people at work than at any other time in European history. Unemployment is at historic lows, lower at 6%. Employment is at an all-time high, over 75%. And inflation is now close to our target of 2%. we came out stronger than five years ago.” The president of the EU Commission Ursula von der Leyen said this while speaking at the last plenary of the EP.
“However, the shock waves of these crises have had repercussions on Europe’s competitiveness. The business model of many European industries was based on cheap energy from Russia and trade with a growing China. Today we we are faced with a rogue Russia and a China struggling with domestic demand,” von der Leyen stressed, adding: “In addition to geopolitics, there are other trends that influence our competitiveness Over the last decade, labor productivity in Europe it increased by only 0.8% per year, compared to 1.1% in the United States. These trends can only be addressed with a concerted effort at the European and national levels. Therefore, restoring our competitive advantage must be at the center of Europe’s economic agenda in 2024 and beyond. I am absolutely convinced that, with the necessary push, we can unleash a new impetus in European competitiveness.”
“Energy costs continue to impact our competitiveness – he added von der Leyen –. The International Energy Agency tells us there may be some relief in sight. Last year, during the energy crisis, many investments were made. A big wave of new LNG (liquefied natural gas) export projects is coming to market. And we could soon go from a global LNG shortage to an LNG abundance. As a result, we expect gas prices to decline.”
“Another priority is to address the labor and skills shortages plaguing our economy. We need to train as many unemployed young people as possible. Every young person has great potential. Even if they face all kinds of obstacles. Let’s make sure that they have the opportunity they deserve. We must increase women’s access to the labor market, and good schools and flexible working hours for parents are an absolute must,” von stressed. der Leyen. “Finally, we can offer more flexible solutions for long-term workers to continue their careers. And we need to attract the right talent from abroad. We are investing €65 billion in skills, through NextGenerationEU and the European Social Fund. And skills they must continue to be at the center of our action,” he explained.
“Europe is a trading continent and a significant part of our prosperity comes from trade. If it is true that over the next decade 90% of the most significant growth will be in non-European regions, we should take advantage of this. And our Union is second to none in negotiate trade agreements. We have the largest trade agreement network in the world, with a total of 74 countries. The value of EU trade through these agreements exceeded €2 trillion for the first time in 2022.” The President of the EU Commission Ursula von der Leyen said this while speaking to the EP Plenary. “Trade must be fair. We need a level playing field globally. And we need to address the risks that openness brings. We need, for example, tools to address problems of overcapacity outside the EU. I am referring to structural overproduction, achieved largely with subsidies. It has to go somewhere. And so do we involve developing economies around the world, because their industrialization is directly threatened,” von der Leyen stressed.
“The time has come to find a systemic solution that mobilizes Europe’s immense private capital. And an essential part of this solution is the completion of the Capital Markets Union”, which could lead to the raising of “470 billion” of investments additional private individuals. Ursula von der Leyen said this while speaking at the EP Plenary. “We now have a clear mandate to move forward on three vital issues. First, harmonize national rules on issues such as insolvency. This will give investors the predictability that Second, we will design and create cross-border savings products for retail investors. Third , the Commission has been tasked with strengthening European-level supervision of the most important market players. The path ahead is therefore clear,” stressed von der Leyen. “If we want to finance the new industrial revolution we must mobilize European private capital. The time has come to transform political will into action”, she underlined.
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