Story perspectives

EU Leaders Unite to Accelerate Single Market Reforms

2/13/2026

Summary

Story summary

European Union leaders met in Belgium on February 12, 2023, to expedite the completion of the single market due to increasing competition from the U.S. and China.
They committed to regulatory simplification, merging capital markets, and reducing energy prices.
European Council President António Costa called the meeting a turning point, highlighting the need to tackle market fragmentation and underinvestment.
A roadmap for these initiatives will be developed in March, and leaders will promote mergers in telecommunications.
Ursula von der Leyen defended the EU’s emissions trading system amid calls for its revision.

History

Historical Context

The European Single Market was established in 1993 through the Maastricht Treaty, enhancing economic integration among EU member states. This initiative followed the Single European Act of 1986, which aimed to create a unified market by 1992. Today, EU leaders, including António Costa and Ursula von der Leyen, are addressing competition from the U.S. and China to bolster the EU's economic resilience and global standing.

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Story summary

European Union leaders met in Belgium on February 12, 2023, to expedite the completion of the single market due to increasing competition from the U.S. and China.
They committed to regulatory simplification, merging capital markets, and reducing energy prices.
European Council President António Costa called the meeting a turning point, highlighting the need to tackle market fragmentation and underinvestment.
A roadmap for these initiatives will be developed in March, and leaders will promote mergers in telecommunications.
Ursula von der Leyen defended the EU’s emissions trading system amid calls for its revision.

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