European businesses are urging immediate action to reverse a sharp decline in competitiveness, which they say poses a significant threat to the continent’s economic and social well-being. The call to action comes as business leaders gather in Copenhagen to discuss solutions and strategies for regaining Europe’s competitive edge in the global market.

The business community emphasizes its readiness to share responsibility and highlights the potential of the Danish model of collaboration in finding effective solutions. According to European companies, competitiveness has been declining for 14 consecutive quarters, reaching a 30-year low. This alarming trend, coupled with the war in Europe and trade uncertainties, underscores the urgent need for a strategic shift.

The primary focus is on key areas where the EU and its member states can take impactful steps: streamlining bureaucracy, accelerating approval processes, and fostering a genuinely well-functioning internal market. Currently, the EU’s approval timelines for innovative products are significantly longer than those of competitors in the USA and China, hindering innovation and potentially driving companies out of Europe.

The business community stresses the importance of partnership and commitment, advocating for a European approach where companies are not merely consulted but actively involved in delivering results. Furthermore, addressing Europe’s competitiveness challenges requires substantial investment, estimated at 800 billion euros per year for the next five years.

The Danish EU Presidency is seen as a crucial opportunity to drive concrete progress and foster collaboration. The business community is emphasizing the need for increased investment, reduced bureaucracy, and a stronger internal market to revitalize Europe’s economy. It is ready to play its part but cannot achieve the necessary transformation alone.