The European Union doesn’t need a five-year plan—it needs free markets.
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TheEuropeanCommissionunveiledtheCompetitivenessCompass,anewinitiativeaimedatboostingmemberstates’productivity,onTuesday.EuropeanCommissionPresidentUrsulavonderLeyendeclaredthattheE.U.mustadapttoachangingworldtodefenditsvalues,buttheCompetitiveCompassdoublesdownoncentralplanningandaggressiveenvironmentaltargets.
Despiteitsextensiveintegratedmarket,internallyandinternationally,theEuropeanCommissionrecognizesthattheUnionhas“notkeptpacewithothermajoreconomies.”In2023,theUnion’sgrossdomesticproduct(GDP)percapitawas$53,783(in2021dollars),alevelthattheU.S.hasn’tseensince1999andfarlessthanU.S.GDPpercapitaof$74,578in2023.Toprovidemoreperspective,theEuropeanCommissionpraisesahistoricallylowunemploymentrateof6.1percentin2023;theAmericanunemploymentratewasnearlyhalfthatinthesameyear.
Inits“CommunicationfromtheCommission,”whichdetailsthepoliciesthatvonderLeyerbelieveswillmaketheE.U.more