Von der Leyen: Let's revive Europe's competitiveness without abandoning the Green Deal. The European Union is aiming to restore its competitiveness through a new plan presented by Commission President Ursula Von der Leyen. The plan, called Competitiveness Compass, has three main pillars:

• Bridging the innovation gap: Promoting productivity through innovation.
• Joint Decarbonisation and Competitiveness Plan: Transition to a zero-emissions economy.
• Reducing dependencies and strengthening resilience and economic security.

These pillars are supported by cross-cutting factors such as simplification, reducing barriers in the single market, financing competitiveness, skills and quality of employment a better coordination.

Europe has strengths such as a solid industrial base, a skilled workforce, a single market and a stable regulatory framework, but it lags behind in productivity growth. Europe's economic model has been based on cheap labour and energy, which is no longer sustainable.

First pillar focuses on fostering innovation, as European industry is too static and few start-ups are developing breakthrough technologies. Although the number of patent applications in Europe is comparable to the US and China, only a third of them are commercially exploited. In addition, only 13.5% of European companies use artificial intelligence. The Commission wants to stimulate the use of artificial intelligence, introduce action plans for advanced materials, quantum computing, biotechnology, robotics and space technologies, and improve access to capital. Start-ups face 27 national regulatory frameworks, so a single set of rules is proposed. Access to risk capital is also a problem, with only 5% of venture capital raised in the EU, compared to 52% in the US and 40% in China. Europe has savings, but lacks an efficient capital market, so a European Union Savings and Investment Programme will be presented.

Second pillar stresses the transition to a zero-emission economy and the commitment to the goals of the Green Deal. Europe is a leader in clean technologies and wants to maintain its leadership, guaranteeing certainty in investments, priority in public procurement and targeted state aid in strategic sectors. Another important point is the cost of energy, which is too high, which is why an action plan for affordable energy is being prepared.

Third pillar focuses on resilience and economic security, with Europe a champion of trade with agreements with 76 countries and an economic weight equal to 38% of global GDP. Europe wants to secure supplies of raw materials, clean energy and green technologies from around the world through new trade agreements.

Between transversal factors belongs to simplification of bureaucracy a skills development. European companies complain about excessive bureaucracy, which is why a simplification package is being prepared. Skills development is also important because, although employment is high, there is a shortage of skilled workers, which is why a "European Skills Union" will be launched.

The Competitiveness Compass is a plan with a clear roadmap, the success of which depends on speed and unity. Spring