Although its President was not invited to the informal meeting of EU leaders to be held on Thursday (see EUROPE 13806/1, 13805/1), the European Central Bank (ECB) sent the EU institutions a list of urgent measures that it believes will boost the EU’s economic competitiveness and strategic autonomy.
Top of the list of priorities is the savings and investment union project, which will help to stimulate the mobilisation of private savings, complete the banking union in the euro area and create liquid and secure European assets. The ECB also recommends the introduction of a digital euro, as a tokenised central bank currency, to foster strategic autonomy and innovation in the payments sector (see EUROPE 13805/12).
Thirdly, the monetary institution recommends deepening the internal market to make life easier for businesses, through the creation of a 28th company law regime, harmonisation of bankruptcy rules, widespread recognition of professional qualifications and greater integration of energy markets.
In order to stimulate innovation and increase the EU’s independence, the ECB recommends supporting initiatives related to artificial intelligence, reducing the risks inherent in critical supply chains and investing more in defence and strategic technologies.
Finally, the EU institution supports the move to simplify EU legislation in order to speed up the decision-making process at EU level and reduce administrative barriers (rapid granting of licences, digitalisation of public services, reduction in the time needed to set up a company, etc.), but without compromising financial stability or departing from international standards. (Original version in French by Mathieu Bion)