Europe ‘Must Fix’ Weaknesses to Compete Globally, European Commission President Says

The EU’s plan is based on recommendations made by former Italian Prime Minister and European Central Bank President Mario Draghi

By Edith Hancock of The WSJ. Excerpt:

"European Union nations must work together quickly to put a strategy in place to help the bloc compete against global economic powerhouses like China and the U.S., European Commission President Ursula von der Leyen said.

“Europe has everything it needs to succeed in the race to the top. But, at the same time, we must fix our weaknesses to regain competitiveness,” von der Leyen said on Wednesday as the EU executive unveiled a long-awaited proposal to boost the region’s industry.

Von der Leyen was introducing the bloc’s so-called Competitiveness Compass: a 26-page document detailing policy reforms and new pieces of legislation the commission plans to table over the next five years to boost the region’s economy and attract investment.

Core to the plan is a desire to make life easier for businesses in the bloc to grow and compete with foreign rivals, and to wean the region off of its dependence on non-EU countries for things like critical raw materials and semiconductors."