'There is no time to waste': EU leaders want to boost competitiveness to close gap with US and China

leaders on Thursday debated a new “ European Competitiveness Deal” aimed at helping the 27-nation bloc close the economic production gap with Chinese and American rivals amid fears the region's industries will otherwise be left behind for good.China, the U.S. and the European Union are the three largest economies in the world, but the EU's share has diminished over the past 30 years. Europe is now feeling pressure amid U.S.

The proposals, contained in a report from former Italian Prime Minister Enrico Letta, are in response to widespread concern that U.S. subsidies, which favor domestic production in the U.S., are drawing investment from Europe and threatening the loss of industrial jobs on the continent.“Competitiveness means prosperity for our citizens,” Letta said. “We’re in danger of falling out of touch. There is no time to waste. The gap between the European Union and the U.S.

“Today we invest less in digital and advanced technologies than the U.S. and China, including for defense, and we only have four global European tech players among the top 50 worldwide,” he said. “We are lacking a strategy for how to shield our traditional industries from an unlevel global playing field caused by asymmetries in regulations, subsidies and trade policies.”

Creating more broad-based financial markets would channel European citizens' “billions of euros” in savings as a tool to invest in strategic sectors within the bloc. “Europe has more savings than the United States of America,” Macron said. “And every year, around 300 billion euros of these savings go to finance the American economy.” -- China reiterated the need to prevent one-sided moves in the yuan, as a resurgent dollar and poor risk sentiment pressure currencies across Asia.

Enrico Letta European Competitiveness European Central Bank Mario Draghi Economic Challenges American Rivals

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Doing business in China is growing tougher, more uncertain, European business group saysBEIJING (AP) — Uncertainty and “draconian regulations” have drastically raised risks for foreign businesses in China, a report by a European business group...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

China to import more from France, foreign minister says amid European autos probeChina’s foreign minister Wang Yi said China hoped that Europe’s de-risking policy was not targeted at specific countries and should not violate World Trade Organization rules
Source: globeandmail - 🏆 5. / 92 Read more »

EU Commission proposes to impose tariffs on imports of grain from RussiaBRUSSELS (AP) — The European Commission, the executive arm of the European Union, is proposing to member countries to impose tariffs on grain imports from...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

China vows to safeguard its territorial integrity after South China Sea incidentExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »

China vows to safeguard its territorial integrity after South China Sea incidentExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »

China coast guard says it took measures against Philippine vessels in South China SeaExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »