The European Union seeks to accelerate the formation of a single market

At an informal summit in Belgium on February 12, EU leaders agreed on a number of priority areas for strengthening the EU’s competitiveness and strategic autonomy, according to a statement from the European Council.

Discussions will continue at the next European Council meeting in March this year, where the European Commission is also expected to present its “one Europe, one market” roadmap.

Former European Central Bank President Mario Draghi and former Italian Prime Minister Enrico Letta, who published reports in 2024 on steps to improve the bloc’s competitiveness, joined the discussion.

EU leaders unanimously agreed to continue promoting an ambitious simplification program to reduce the administrative burden.

A call was also made to move towards a single market covering 450 million consumers, with this work to be completed in 2026 and 2027. In this context, the EU intends to propose and promote the “28th regime” (EU Inc) to ensure the smooth operation of European companies within a single set of corporate rules for the bloc. In addition, there is talk of creating a savings and investment union – a deep and liquid capital market.

EU leaders also agreed to review merger rules to achieve the necessary level of investment and innovation, promote a pragmatic trade policy focused on diversification, consider pragmatic solutions for energy prices that take into account the specific challenges of member states and certain industrial sectors, and protect and strengthen certain strategic industries.

It should be recalled that leading European business leaders at the industrial summit in Antwerp called on the EU to take urgent measures to preserve the region’s industry. They insist on decisive action in areas such as reducing energy and carbon costs, supporting fair global trade, improving access to finance, and taking the lead in purchasing goods produced in Europe.