The EU must integrate its financial, energy and telecommunications markets or face losing its “economic security” and falling further behind the US and China, the author of a new report has warned.
Enrico Letta, the former Italian prime minister tasked by European leaders to assess the state of the EU’s underperforming single market, told the Financial Times that further European integration was a matter of survival in the global economy.
“The problem is that in this new world, we are too small. And if we don’t integrate, we will decline,” Letta said ahead of the release of his report which will be the main topic of an EU summit on Thursday. “Inertia on the single market means decline,” he added.
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