Act fast or fall behind China, US for good, EU leaders told
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EU leaders are warned that the European Union must act quickly or risk falling behind China and the United States in terms of economic performance. The EU is facing challenges such as supply chain disruptions, energy crisis, and the need for clean energy and digital transitions. The European Commission estimates that these transitions will require an additional annual investment of nearly 620 billion euros. The EU is losing ground on innovation to other global powers, and the gap between the EU and the US in terms of economic performance is widening. The EU's economic stagnation has lasted more than 18 months, while the US and China have experienced growth. The EU lacks a properly integrated EU-wide financial market, and its start-ups struggle to raise funds compared to their US counterparts. The EU needs to mobilize citizens' savings to support innovation. The EU leaders are discussing the idea of a Capital Markets Union and a savings and investment union. However, national divisions and resistance to centralization pose challenges to these proposals. The EU needs radical change and rapid innovation to compete with its major competitors. The EU requires significant investments for the green transition and to support Ukraine. The idea of joint EU debt has been proposed but faces resistance from frugal countries. The EU is seeking to define its strategic priorities for the next five-year mandate of the European Commission.

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https://www.spacedaily.com/reports/Act_fast_or_fall_behind_China_US_for_good_EU_leaders_told_999.html