The leaders of the European Union gathered for a full-day retreat focused on finding new ways to revive the bloc's stagnant economy, abolish regulatory barriers and attract investment in the face of competition from the US and China.
French President Emmanuel Macron set as a deadline the European Council in June to agree on a package to relaunch European economy.
“We share the same sense of urgency... we must act immediately and accelerate," Macron said, citing the burden of international competition and, in particular, US tariffs. "If in June we don’t have concrete prospects and tangible progress, we will continue with enhanced cooperation,” he said.
Former Italian Prime Minister Mario Draghi, who authored an influential report on competitiveness, also called on leaders to explore the use of enhanced cooperation to "move faster" with reforms in smaller groups of member states, an EU official said.
Enhanced cooperation was last used in December to issue a €90 billion loan to Ukraine without the participation of Hungary, Slovakia and the Czech Republic.
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