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

In her report, Letta suggests there should be greater use of EU laws that governments must apply to the letter – rather than being able to make changes, which can lead to a confusing set of requirements. It also proposes a European Code of Business Law to streamline business administration.

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

To help finance all its new goals, the EU needs a common financial market – a Savings and Investment Union – according to its report, which can channel the savings of European citizens into the business support.

“In Europe, there is no interest in investing in private equity, and there is not much interest in making risky investments,” Letta said, recommending incentives to attract investments, firstly for the green and digital transition.

Defense obligations

The report places a strong emphasis on the integration of the energy, telecommunications and finance sectors with a roadmap for making progress in each sector by 2029. This could mean enabling more transactions, a he declared, which is a frequent request from telecommunications providers.

The money the EU spends on improving its security should support “jobs and industries in Europe”, the report says. One of Letta’s advisers said he was in favor of defense bonds, already touted by internal market chief Thierry Breton and Estonian Prime Minister Kaja Kallas.

Once leaders discuss the report this week, they will provide guidance on what role they want the Commission and European Parliament to take after the European elections in June and the formation of the new executive at the end of the year. .