EU leaders' retreat: Prime Minister Orpo calls for bold decisions to reform the European economy

European Union heads of state and government gathered for an informal retreat at Alden Biesen Castle in Belgium on Thursday 12 February to discuss how to boost Europe’s competitiveness and strengthen the single market.

The rapidly changing international landscape and shifts in global trade are challenging the EU’s traditional economic strengths. Prime Minister Petteri Orpo said the strategic discussion on the future of Europe’s economy had been extremely valuable.

“We need the March European Council to produce a clear plan for reforming the single market. The EU’s 450‑million‑strong economy has enormous potential. We know what must be done but now we need bold decisions,” Prime Minister Orpo said in Belgium.

“Our economy needs balanced reform that opens markets to new trade partnerships while safeguarding the conditions for business growth. At the same time certain European products must be protected from unfair competition,” he continued.

According to Orpo, the EU must reduce harmful dependencies in areas such as critical raw materials and technological goods. “This cannot mean creating new trade barriers within the single market. We must also avoid placing an extra burden on companies that have already invested in the green transition,” he said.
    
The leaders discussed the EU’s strategic positioning based on a presentation by Mario Draghi, former Italian Prime Minister and former President of the European Central Bank, who drafted a report on the EU’s competitiveness in 2024. Former Italian Prime Minister Enrico Letta, who prepared a report on the single market in 2024, shared his views on the potential for growth in the single market.

Ahead of the retreat, Prime Minister Orpo also took part in a separate meeting hosted by Belgium, Italy and Germany on strengthening European industry.

EU leaders will return to the themes of competitiveness and stronger single market at the European Council on 19–20 March.

Source: Press release, Prime Minister's Office