WASHINGTON, D.C. - Today, the U.S. Chamber of Commerce unveiled “Europe’s Competitiveness Challenge: Pathways to Renewed Growth,” a report outlining recommendations to tackle Europe’s competitiveness crisis and strengthen its position in the global economy.
“A prosperous Europe is good for American business,” said Marjorie Chorlins, Senior Vice President for Europe at the Chamber. “Our world-leading $8.7 trillion commercial relationship supports millions of jobs across the Atlantic, and this economic bond underpins our mutual security. But the EU’s competitiveness challenges are real and threaten to undermine this relationship.”
The report notes that external factors, including the pandemic, Russia’s invasion of Ukraine, and anti-competitive practices by China and other non-market economies have contributed to Europe falling behind on several measures of competitiveness. But much of what ails Europe is home-grown and the report details the causes of Europe’s competitiveness crisis and outlines what Europe should do to tackle it.
“Incoming European policymakers must take meaningful steps to reduce regulatory overreach, strengthen the Single Market, pursue digital policies that incentivize innovation rather than penalize success, deploy trade tools in a manner that supports robust transatlantic supply chains and avoids protectionism, and craft a long-term energy strategy, said Chorlins. It’s time for the EU to act decisively, embracing reforms that will secure its position as a global economic powerhouse, and we look forward to supporting them in that effort.”
Read the full report here.
