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The European Union likes to see itself as an economic superpower — a market of 450 million consumers, home to some of the world’s biggest companies and the largest trading bloc on the planet.
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But in an increasingly competitive global economy, Europe is facing uncomfortable questions about whether it is keeping pace with rivals such as the United States and China.
Growth in the EU remains sluggish, entire industries are under pressure, and businesses complain about high energy costs, excessive regulation and a lack of investment.
At the same time, Washington is pouring billions into strategic industries, while Beijing continues to deploy state-backed economic power to dominate key sectors of the future.
So can the EU reinvent its economy for a new era of global competition? Is deeper integration the answer, or does Europe need fewer rules and more risk-taking? And can the bloc remain a global economic heavyweight while balancing climate goals, social protections and strategic autonomy?
These questions are at the centre of this edition of The Ring from the European Parliament in Strasbourg, featuring Spanish Socialist Lina Gálvez and Swedish EPP Jörgen Walborn.
The challenge for Europe is not just economic — it is almost all or nothing. From artificial intelligence and clean technology to defence production and critical raw materials, Europe is lagging behind.
The fear in Brussels is that without bold reforms, Europe risks becoming squeezed between Trump’s America and an assertive China.
“If Europe wants to compete with the US or China, we need to advance in the integration of the Union. The answer is not to deregulate, it’s to integrate,” said Lina Gálvez.
“Completing the single market, finally delivering a real capital markets union, and investing collectively in the technologies that will solve the challenges we face. That is how Europe competes, without sacrificing the social model or the climate goals.”
Her counterpart Jörgen Warborn disagreed, advocating for more deregulation or “cutting red tape for companies”, as he described it.
“Europe will only remain a global heavyweight if we reinvent our economy by cutting the regulatory burden that holds our companies back, securing affordable and reliable energy including nuclear power, opening new markets through more free trade, and putting competitiveness at the heart of every decision we make,” he said.
The Ring is hosted by Stefan Grobe, produced by Luis Albertos Altarejos and Amaia Echevarria, and edited by Vassilis Glynos.
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