EU Member States pledge to strengthen competitiveness in Budapest

In its informal meeting on 8 November in Budapest, Hungary, the European Council adopted a declaration highlighting the need to strengthen the EU’s economy and competitiveness. The leaders of the EU Member States also discussed EU-US relations and the situation in Georgia. Prime Minister Petteri Orpo represented Finland at the meeting.

Prime Minister Orpo stressed the need for the Union to boost its strategic competitiveness. He pointed out that efforts to strengthen competitiveness should be based on further developing the EU’s own strengths.

“We need a well-functioning single market based on free movement, including the Capital Markets Union, along with strong investments in research, innovation and digitalisation. This is the foundation of European prosperity,” said Prime Minister Orpo.

Finland also stressed the need to enhance Europe’s defence capabilities. 

“Europe must continue to strengthen its defence industry. This requires investments,” said Prime Minister Orpo.

The EU leaders called on the Commission to put forward proposals for promoting innovative technologies and the data economy by June 2025. The leaders also called for concrete proposals that would reduce the administrative burden on businesses. Easing reporting requirements was highlighted as one way to do so.

The discussion was based on a report by former Italian prime minister Mario Draghi on the future of European competitiveness.

Inquiries: Tuomas Tikkanen, Senior Adviser to the Prime Minister in European Affairs, tel. +358 40 523 5768, Marja Koskela, Diplomatic Adviser, tel. +358 295 160 978, Elisa Tarkiainen, Special Adviser (EU Affairs), tel. +358 50 433 4533 and Marko Ruonala, Project Manager (Communications), tel. +358 50 522 8233, Prime Minister’s Office.