European Affairs Commission: the role of the European Union in the global economy must be strengthened

Strengthening the competitiveness of the European Union (EU) is essential for the sector’s long-term growth, and we must do everything we can to keep up with other major players in the economy, stressed the members of the Saeima’s European Affairs Commission on. on Friday, November 1.

At the meeting, the Commission unanimously supported the national position prepared by the Ministry of Foreign Affairs regarding the former President of the European Central Bank, financier and economist Mario Draghi (Mario Draghi) report on the future of European competitiveness.

In the report, M. Dragi presents recommendations to promote growth and productivity of the EU economy. The economist says that the EU needs a more coordinated business policy and faster decisions to keep up economically with the US and China, said representatives of the Ministry of Foreign Affairs.

The report includes strategic direction not only in the short term, but also in the medium and long term, focusing on business, energy, digital services, innovation and growth productivity. Also, the economist urges the EU to issue new general debt to finance the growing needs in the EU’s industrial and defense sectors, as mentioned in the information report that prepare the Ministry of Foreign Affairs.

When strengthening the EU’s global competitiveness, it is essential not to adversely affect the conditions of equal and fair competition in the EU’s single market. Also, those present expressed concern that the introduction of reforms could widen the development gap in Europe, so they must be complemented by measures that promote convergence within the EU.

The representatives welcomed the need to increase investments for the development of human capital, the promotion of competitive science, deeper cooperation and the integration of innovation and entrepreneurship and emphasized the need to strengthen the capacity of EU innovations and their use in business. The Commission also noted that a strong and self-sustaining defense industry is one of the factors that determine the EU’s competitiveness and that it is necessary to adhere to a regionally balanced approach.

The participants of the session called attention to the reduction of the administrative burden and emphasized the importance of digitization on a large scale. Further progress on the green course must be balanced so that the requirements of sustainability, climate action and the environment are in balance with the economic and social interests of the member states, as well as promoting the competitiveness of the EU, they said. that. present

When judging the challenges ahead and implementing the report’s recommendations, representatives of civil society called for a detailed assessment of financial aspects, and the members of the Commission emphasized the importance of wider discussions on the competitiveness of the European Union.

Saeima News Service