Twenty-eight of Europe’s leading companies, representing at least €700 billion in revenues, called on European leaders on Wednesday 1 October, in a ‘Copenhagen Pledge’, to make the EU more competitive and to make “ambitious reforms” so that they can increase their investment levels by 50% by 2030.
At the initiative of the Confederation of Danish Industry, Airbus, Siemens, ASML and Thales were invited to a competitiveness summit outside the informal summit of the EU27. President of the European Commission Ursula von der Leyen, French President Emmanuel Macron and Polish Prime Minister Donald Tusk also took part in the event, which was sponsored by Danish Prime Minister Mette Frederiksen.
In the Copenhagen Pledge, these major European companies are calling for the EU’s innovation potential to be unlocked and for all barriers within the single market to be reduced. “Immediate action is needed to change [the] status quo”, they demand, almost two years after the ‘Antwerp Declaration’ signed by the EU’s top business leaders (see EUROPE 13354/9).
“New regulatory initiatives must embed a much stronger focus on burden reduction, and regulation should only respond to demonstrated needs”, they write.
The value of private investment must also be recognised. “[The] EU’s Multiannual Financial Framework (MFF 2028–2034) must act as a non-bureaucratic catalyst for private capital, mobilising investments in Europe’s strategic technologies and sectors”.
A genuine ‘European Savings and Investments Union’ is therefore needed “by 2030”, according to the declaration’s authors. As an example, they also cite national pension schemes and tax policies that “should encourage private capital flows into European markets”.
Europe’s electrification must likewise not be overlooked, say these groups. This should include the National Energy and Climate Plans (NECPs) and accelerated authorisation procedures for infrastructure projects.
The business leaders share the view that competitiveness is lagging behind. “Europe is an amazing continent. Some of the world’s greatest and most innovative companies were established here, (...) but our competitiveness is challenged. (...) It’s often said that the U.S. innovates, China replicates, and we regulate. And unfortunately, part of this line is true”, commented the Danish prime minister.
Emmanuel Macron cited five priorities to be met and quickly translated into action: simplification, deepening the single market, innovation, the capital markets union, “an essential point of this competitiveness and growth programme”, and finally, climate and energy - the French president expressing his conviction that we must continue to “decarbonise”.
He also reiterated his support for European preference. “This is a necessity. (...) In the US, you have a US agenda. In China, it’s no longer a Chinese preference. It’s a Chinese exclusivity sometimes. In Europe, this is the only place where you can finance, with taxpayer money, 100% non-European players”.
Donald Tusk, meanwhile, has warned Europeans that the EU is lagging behind, citing over-regulation and “our high energy prices. (...) Today the United States, Canada and Brazil are radically more attractive than Europe”, continued the Pole, referring to the need for a leap forward to be made in just a few months.
Simplification is still in its infancy. Ursula von der Leyen recalled the actions already launched during her second term, including “the Clean Industrial Deal, which will mobilise €100 billion for sustainable business practices - a central element of the Draghi report”, the Startup fund, the Scaleup fund and the Competitiveness Fund, with a budget of €400 billion in the next European budget (see EUROPE 13682/6).
Energy remains the EU’s “Achilles heel”, she said. The Affordable Energy Action Plan “is one of our top priorities, and we are currently mobilising colossal sums to support energy networks across Europe”.
The single market strategy “will also remove barriers. Six packages of simplification measures to minimise red tape have been launched, with more to come. Because we’re only just getting started”. And in order to strengthen new technologies, a real “’28th regime’ should be put in place”, said the president (see EUROPE 13645/1).
Link to the declaration: https://aeur.eu/f/ip1 (Original version in French by Solenn Paulic)