Europe's slumping status receives backing from Brussels in pursuit of World Economic Forum's initiative
The European Commission has endorsed a new initiative called Leaders for European Growth and Competitiveness, aimed at fostering ideas that will boost the EU's economic competitiveness. This ambitious project, launched by the World Economic Forum, is closely aligned with the Commission's own priorities and Competitiveness Agenda, as well as plans for a Savings and Investment Union.
The initiative is divided into four main areas of focus: clean energy and industry, emerging technologies, financial markets, and international partnerships. Each of these pillars is co-chaired by a senior EU figure, with Commissioner Wopke Hoekstra leading the clean and competitive industry and energy pillar, Commissioner Henna Virkkunen overseeing the emerging technologies pillar, Commissioner Maria Luís Albuquerque co-chairing the financial markets pillar, and Commissioner Jozef Síkela leading the work on strategic alliances targeting new trade and investment ties to secure supply chains and critical raw materials.
The event in Brussels marked a more concrete step toward shaping policy for the initiative. During the day, several EU figures, including Commission President Ursula von der Leyen, European Parliament President Roberta Metsola, and Council President António Costa, hosted or participated in sessions for the initiative.
The project's pillar on clean energy and industry, co-chaired by Commissioner Hoekstra, is designed to accelerate structural reforms and create a pro-innovation environment to unlock long-term growth, productivity, and resilience across Europe. The pillar on emerging technologies, overseen by Executive Vice-President Virkkunen, focuses on AI and digital infrastructure, aiming to ensure the EU remains at the forefront of technological advancements.
The financial markets pillar, co-chaired by Commissioner Albuquerque, aims to deepen capital market integration and mobilize private savings for investment. The solutions proposed are hoped to lead to tangible reforms at the EU level, with the goal of creating a more competitive and resilient financial system.
Finally, the initiative's work on strategic alliances, led by Commissioner Síkela, targets new trade and investment ties to secure supply chains and critical raw materials. The World Economic Forum is facilitating the process of the initiative, but it remains closely tied to the Commission's own priorities.
The Leaders for European Growth and Competitiveness initiative aims to gather stakeholders in workshops to propose concrete solutions. The hope is that these solutions will lead to a more competitive, resilient, and innovative Europe, able to face the challenges of the 21st century head-on.
- The financial markets pillar, co-chaired by Commissioner Maria Luís Albuquerque, recognizes the need for deeper capital market integration and the mobilization of private savings to foster investment, a crucial component in the broader goal of creating a more competitive and resilient financial system across Europe.
- In the realm of politics and general-news, the Leaders for European Growth and Competitiveness initiative has gained traction as it seeks to address pressing issues such as securing supply chains and critical raw materials through strategic alliances, a move that is envisioned to bolster European economic competitiveness and resilience in the face of global challenges.
