EU needs to tear down barriers to rise as global power, says Von der Leyen

European Commission President Ursula von der Leyen stated that the EU must "tear down the barriers" hindering its transformation into a global economic powerhouse, ahead of discussions among leaders on boosting the competitiveness of the 27-nation bloc.

"Our companies need capital right now. So let's get it done this year," she told MEPs as she outlined key steps to bridging the gap with China and the United States, News.Az reports, citing foreign media.

"We have to make progress one way or the other to tear down the barriers that prevent us from being a true global giant," she said, calling the current system "fragmentation on steroids."

Reviving the moribund EU economy has taken on greater urgency in the face of geopolitical shocks, from US President Donald Trump's threats and tariffs upending the global trading to his push to seize Greenland from Denmark.

Ms von der Leyen delivered her message before heading with EU leaders, including France's Emmanuel Macron and Germany's Friedrich Merz, to a gathering of industry executives in Antwerp, held on the eve of a summit on bolstering the bloc's economy.

A key issue identified by the EU is the fact that European companies face difficulties accessing capital to scale up, unlike their US counterparts.

To tackle this, Plan A would be to advance together as 27 states, Ms von der Leyen said, but if they cannot reach agreement, the EU should consider "enhanced cooperation" between those countries that want to.

News.Az 

By Ulviyya Salmanli