EU Leaders Approve Budapest Competitiveness Declaration

EU leaders have adopted the Budapest Declaration on a New European Competitiveness Deal, which aims to enhance the bloc's economic prosperity and competitiveness while making Europe the first climate-neutral continent. This decision follows a critical report by former ECB chief Mario Draghi, highlighting the EU's economic stagnation in comparison to the US and China. The declaration includes objectives such as increasing investments in research and development, reducing regulatory burdens, and achieving energy sovereignty. The urgency of this initiative has been heightened by political shifts in the US under President-elect Donald Trump, who is expected to promote protectionist policies. The declaration reflects a consensus among EU leaders, despite ongoing political tensions, particularly with Hungary's Viktor Orbán emphasizing the need for unity on competitiveness. Overall, the EU is seeking substantial investments to revitalize its economy, estimated at an annual need of €800 billion, to avoid a continued decline.