EU Must Act Quickly To Catch Up To US, Warns Report Author

European businesses have been hit hard by the fallout from Russia's 2022 invasion of Ukraine which sent energy prices soaring (Credit: AFP)

The EU risks lagging further behind the United States unless Brussels makes significant changes to the single market to give it "teeth", warned the author of a report that will be submitted to leaders Thursday.

Enrico Letta, a former Italian prime minister, has criss-crossed Europe and spent months preparing a report for EU leaders on what the 27-nation bloc needs to do to keep pace with other global economies including China.