European Commission President Ursula von der Leyen said today that the EU must break down economic barriers that prevent it from becoming a "global giant" and deepen its internal market.
Von der Leyen spoke at the European Parliament in Strasbourg ahead of a gathering of numerous EU leaders later today in Antwerp for an industry summit and tomorrow's informal meeting of EU leaders dedicated to strengthening the single market, reducing economic dependence and improving the EU's competitiveness in the new geopolitical context.
She stressed that the EU must "break down the barriers that prevent it from being a true global giant" and warned that the current system represents "fragmentation on steroids" with many different, potentially conflicting legal systems, the British daily Guardian reported.
"We have the second largest economy in the world, but we are 'driving with the handbrake on', and the good news is that this can be fixed. We just need to focus on the single market and we need to break down barriers one by one," said the head of the European Commission.
Von der Leyen warned that competitiveness is not only the basis of the EU's prosperity, but also of security and, ultimately, democracy.
The Commission plans to put forward a number of proposals for better competitiveness, including the EU Inc regime, which will allow companies to register in any member state within 48 hours, completely online, and help with cross-border business.
"That's the speed we need," von der Leyen said, according to the Guardian.
Von der Leyen, as the Commission announced, stressed the importance of simplification, given that European companies spend almost as much on bureaucracy as on research and development.
"That must not be the case. Simplification is our main focus," she said, adding that the Commission had done more in this area in just one year than in the previous ten.
According to her, it has already been proposed to reduce bureaucracy costs by 15 billion euros per year.
Von der Leyen also said that all "omnibus" laws to simplify, streamline and modernize regulations should not only be viewed at the European level, but also at the national level.
The European Commission wants the EU to agree on its plans by March and implement them by the end of next year.
However, some EU leaders have different ideas, and a particularly strong anti-bureaucratic coalition has formed around German Chancellor Friedrich Merz and Italian Prime Minister Giorgia Meloni.
Bonus video:
