Šefčovič discusses EU climate goals and competitiveness challenges

On September 17, 2019, Mario Draghi presented a significant report on Europe's competitiveness at the European Parliament in Strasbourg. Maroš Šefčovič, the Slovak Euro-commissioner responsible for trade and economic security, commented on the report, emphasizing the need for a balance between climate goals and economic competitiveness. He acknowledged Draghi's urgent call for interconnected policies and highlighted the importance of creating favorable conditions for investment in Europe, particularly in new technology sectors. Šefčovič pointed out that while the EU aims for carbon neutrality by 2050, it must do so without compromising its industrial base. He noted the current challenges posed by global competitors like the USA and China, but also recognized the potential for improvement through Europe's educated workforce and quality infrastructure. He stressed the necessity of mobilizing capital for innovative projects to ensure that European startups can thrive without being acquired by foreign investors. The Euro-commissioner reiterated Draghi's concerns regarding the outflow of investments from Europe to the United States, which he attributed to a lack of attractive investment opportunities within the EU. He called for the development of a capital markets union to retain European savings and direct them towards local projects. This shift is crucial for enhancing the EU's competitiveness and fostering economic growth. In conclusion, Šefčovič's remarks reflect a commitment to addressing the challenges of balancing climate ambitions with economic policies, aiming to strengthen the EU's position in the global market while promoting sustainable development.