'There is no time to waste': EU leaders want to boost competitiveness to close gap with US and China

European Union leaders are debating at a summit in Brussels a new “European Competitiveness Deal” aimed at helping the 27-nation bloc close the gap with Chinese and American rivals. In a volatile geopolitical landscape redefined by the ongoing war between Russia and Ukraine and increasing tensions in the Middle East, EU leaders believe there is an urgent need for action. China, the U.S. and the European Union are the three largest economies in the world, but the EU’s share has diminished over the past 30 years. Europe is now feeling pressure from U.S. and Chinese efforts to support investment in domestic production through subsidies and tax breaks, particularly when it comes to renewable energy and green technology.