The countries need to agree on the creation of a single capital market, reduce bureaucracy and increase investment in defence in order to enhance the EU's global competitiveness. This was underlined by Prime Minister Evika Siliņa at an informal meeting of the Heads of State and Government of the European Union (EU) in Budapest on 8 November.
The main objective of the leaders' meeting was to discuss a new course for EU competitiveness, based on reports by Mario Draghi and Enrico Letta summarising the main challenges and possible future scenarios.
"To encourage the growth of the Latvian and European economies, my priorities are cutting the red tape, establishing a single capital market in the EU and investing more in defence. Faced with changing geopolitical realities, the EU needs to be able to react more rapidly and take substantive decisions soon on both the creation of a single capital market and the development of the defence industry, and work immediately on reducing the administrative burden on businesses. There was a consensus among leaders on this point," emphasized E. Siliņa.
During the meeting, the leaders adopted a declaration on a new course for Europe's competitiveness, comprising 12 lines of action. These include developing and deepening the European single market, making progress towards a single capital market, strengthening the EU's defence capabilities and working actively to reduce administrative burdens on businesses. The declaration also focuses on supporting innovation and technological development, promoting digital transformation, skills development, energy independence and establishing the circular economy.
In addition, the leaders discussed the recent parliamentary elections in Georgia and Israeli legislation against the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA).
