The 27 leaders of the European Union have called for a "new competitiveness deal" to close the economic gap with its global rivals and reverse a worrying trend of industrial decline.
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00:00 The EU agrees it needs to do something and do it quickly to compete with the likes of
00:06 rivals China and the United States. But its leaders have disagreed on what. After much
00:13 debate at a summit in Brussels, they endorsed calls for a new competitiveness deal aimed
00:20 at reversing the worrying trend of industrial decline.
00:25 The single market is the jewel of the crown, we all know, and the single market has to
00:32 be completed, extended, and we have to concretely go in the direction on how the single market
00:40 can profit to the citizens.
00:47 His report suggests extending the EU market to sectors of financial services, energy and
00:53 electronic communications. Boosting innovation is also a key point.
00:58 But the big issue remaining is how to find the money needed to improve competitiveness.
01:04 One idea is promoting state aid at the EU level. Enrico Letta says that public money
01:10 should play a role. Some member states support the issuing of common EU debt.
01:18 The meeting ended with the leaders calling for policies that will enhance Europe's economic,
01:25 manufacturing, industrial and technological base to ensure economic resilience and industrial
01:54 renewal.
01:54 (whooshing)