EU leaders stress urgent need to implement new European competitiveness deal

ATHENS

EU leaders on Friday emphasized the urgent need to implement a new European competitiveness strategy.

"In a changed geopolitical landscape, the EU is determined to achieve economic prosperity, boost competitiveness, become the first climate-neutral continent in the world, and ensure the EU’s sovereignty, security, resilience, and global influence," said a declaration following an informal meeting of heads of state and government in Hungary’s capital Budapest.

"EU leaders will continue to make the EU more sovereign, productive, competitive, and sustainable," added the statement.

Alongside the urgency of a new competitiveness deal, the leaders stressed the importance of closing innovation and productivity gaps both with global competitors and within the union itself.

They also highlighted the need for Europe to retain its status as an industrial and technological powerhouse, noting "the need for an industrial policy that ensures the growth of future technologies and pays attention to traditional industries in transition."

On defense, the leaders said the EU’s defense capacity and industrial base must be reinforced.

Noting discussions on EU-US relations, the statement added, “The EU is also determined to make Europe stronger and more sovereign, and to tackle challenges such as the climate and digital transitions..”