Europe needs a “big bang” moment in which EU capitals set aside national interests and finally tackle the regulatory inertia that has left the continent trailing the US and China, the president of the European Council has said.
As he prepared to chair a crucial EU summit on competitiveness on Thursday, António Costa told the FT that Europe’s problems were as much down to the dead hand of national regulators as Brussels’ over-regulation.
“We need to give a new political impetus. We need to do in 2026 on competitiveness what we have done last year on defence,” the former Portuguese prime minister said, referring to agreements on increasing defence spending and pooling procurement.
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