EU SEEKS TO TAKE ON CHINA, US TO REVERSE ECONOMIC DECLINE

The European Union is grappling with a widening economic gap with China and the US, prompting leaders to strategise solutions at a summit. Challenges like supply chain disruptions and energy crises compound the issue.

To regain ground, the EU aims to invest €620 billion annually in clean energy and digital transitions. Former ECB chief Mario Draghi calls for “radical change,” emphasising the need to compete globally. Reports from Draghi and Enrico Letta propose measures such as strengthening the single market and financial integration.

However, obstacles like fragmented markets and resistance to joint EU debt pose challenges. —