At the informal European Council meeting in Budapest the President of the European Parliament outlined her vision on European competitiveness.

On U.S. elections:

Though we feel the impact of the vote this week with elections in the United States, my belief is that we need to continue focusing on the solutions we are looking to deliver right here in Europe: we need action, regardless of who is in the White House.

Action on ensuring our own defence and security; action on growing our economies and ensuring our competitiveness; action on tackling crippling bureaucracy; action on red-tape and over-regulation.

Our mentality is not “America elects and Europe reacts”, but “Europe acts”.

On competitiveness:

We have many success stories we can build-upon. The first electric batteries? Invented by an Italian. The first modern programmable computer? Thanks to German engineering and technology. Bluetooth? Invented by an engineer from The Netherlands in Sweden. The GSM system? It is a worldwide standard thanks to the European Union. Now we have the world’s first comprehensive Artificial Intelligence Act, the Digital Services and Digital Markets Acts - all of which are legislative gold standards.

So when we talk about building a more competitive Europe we do not need to be talking in terms of ‘whatever it takes’ - we already have what it takes. We just need to make better use of the market and the talent that is already there, and find the political will to do what is necessary.

Since the turn of the century, if Europe had grown as much as our friends across the Atlantic, some economists estimate there would be 11 million more jobs and EUR 300 billion more in taxes available for re-investment or to go towards lowering 60% of Europe’s deficit. Scale matters. Growth creates jobs, it incentivises better savings opportunities for our people, it generates wealth, and it increases the EU’s competitiveness.

Completing the Savings and Investments Union for instance, would help build a bigger EU venture capital for industry. It is the fuel that start-ups and SMEs need to stay, grow, and thrive right here in Europe.

Europe has always been home to innovators, entrepreneurs, builders, reformers, and thinkers. We must revive this spirit - standing united to build Europe up, instead of letting it crumble down.

President Metsola’s full speech can be found here.