European households and businesses have faced various economic challenges over the last couple of years, deteriorating European competitiveness and increasing the gap with major global players. It’s clear that urgent action is needed, where we focus on sustainable solutions to build a resilient and competitive economy for the future. A competitive single market is, after all, the pride of our Union. We need to ensure its successfulness by deepening its function both in theory and in practice. This will require our political courage, with tackling the productivity growth gap at the heart of its action.

The Macroeconomic Dialogue at the political level has laid a fruitful foundation for the work ahead. For the next legislature it will be crucial to prioritise measures that enhance productivity across industries, starting with skills and knowledge sharing to bridge the knowledge gap. By fostering innovation, investing in skills development, improving our market attractiveness, facilitating green and digital transition in both public and private sectors, the EU can reposition itself as a global leader.

• Vincent Van Peteghem, Deputy Prime Minister and Minister of Finance of Belgium, which currently holds the presidency of the Council