Former Italian Prime Minister Enrico Letta Proposes New Pan-European Fund to Finance Competitiveness Investments at Extraordinary EU Summit

Enrico Letta, the former Italian Prime Minister, has proposed a new pan-European fund to finance competitiveness investments. During an extraordinary summit in Brussels, EU member states are focusing on improving competitiveness and strengthening the internal market. Letta, who has been working on the EU internal market report since last fall, presented his findings to the heads of state at the summit.

Letta’s 147-page report emphasizes the importance of dismantling trade barriers and increasing competitiveness within the Union. He believes that relaxation of EU state aid rules has led to distortions in the competitive landscape among member states. To address this issue, he suggests implementing a state aid assistance mechanism that would require countries to allocate national funding to pan-European competitiveness investments.

The report also calls for political tools within the EU to strengthen industrial strategy, similar to the US IRA. Letta argues that some countries have more fiscal leeway than others, leading to disparities in state subsidies. However, various organizations and experts such as the Confederation of Business and Industry in Finland, Bruegel think tank and Suomen Yrittäje have shown support for Letta’s report by believing it presents sensible and necessary ideas for deeper integration and competitiveness within the EU.

Despite this support, finding political consensus across member states remains a challenge in implementing these ideas.

Letter is proposing a new pan-European fund to finance competitiveness investments. During an extraordinary summit in Brussels, EU member states are focusing on improving competitiveness and strengthening the internal market.

Former Italian Prime Minister Enrico Letta has proposed a new pan-European fund to finance competitiveness investments. During an extraordinary summit in Brussels, EU member states are focusing on improving competitiveness and strengthening the internal market.

Enrico Letta is calling for political tools within the EU to strengthen industrial strategy during an extraordinary summit in Brussels where they are focusing on improving competitiveness and strengthening