BRUSSELS, Feb 11 (KUNA) -- 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.
Speaking at a European Parliament plenary debate on urgent measures to revive EU competitiveness, deepen the Single Market and reduce the cost of living, von der Leyen said "Our companies need capital right now. So let's get it done this year," stressing the need to bridge the gap with China and the United States.
She added "We have to make progress one way or the other to tear down the barriers that prevent us from being a true global giant," describing the current system as "fragmentation on steroids". Von der Leyen outlined key steps taken over the past year, including the Clean Industrial Deal, AI and gigafactories, five new trade agreements, simplification packages, support plans for the automotive, steel and chemicals sectors, and the largest defence investment in EU history.
On trade, she said "A competitive Europe can only be an independent Europe," warning that excessive reliance on strategic supply chains could become a tool of coercion, and stressing the importance of expanding ties with "reliable partners." She noted that in 2025 the EU concluded trade agreements with Mexico, Indonesia and Switzerland, signed a deal with Mercosur, and finalised its largest ever free trade agreement with India, covering a market of around two billion people and 25 percent of global GDP.
On the Single Market, von der Leyen said the IMF estimates that barriers between EU member states are three times higher than those between US states, limiting the bloc's economic potential.
She announced plans to propose a "28th regime," a unified system allowing companies to be set up online within 48 hours in any member state, facilitating access to finance and cross-border operations.
In financial markets, she criticised the existence of 27 financial systems and more than 300 trading venues, calling it "fragmentation on steroids," and urged progress toward a unified European capital market through the Savings and Investment Union.
Von der Leyen concluded by calling for a Joint Single Market Roadmap to 2028 to be endorsed at the European Council in March, with key proposals to be adopted by the end of next year, stressing that "time is of the essence" for achieving the EU's economic goals. (end) arn.seo