The emerging «EU inc» initiative aims to finalize the single market to ensure the bloc remains competitive against global superpowers.
Former Italian Prime Minister Enrico Letta stated to Euronews’ main programme Europe Today that Europe must accelerate its plan for single market integration and establish a European industrial strategy to avoid subordination to international superpowers.
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«The aim is not to become a colony of the US or China, but to maintain our European identity,» the former premier emphasized.
In 2024, Letta authored a report detailing steps to complete the single market, which influenced the EU’s strategy for enhancing Europe’s competitiveness.
His report, titled «Much More Than a Market,» stressed the importance of unifying critical sectors at a European level, including forming an energy union, harmonizing digital services, and consolidating capital markets.
Furthermore, Letta introduced the concept of a «fifth freedom» related to research and innovation, intending to prioritize the knowledge economy within the EU’s economic agenda.
In interview with Euronews, Letta remarked that Europe appears to be recognizing the urgency to act before it falls behind, partly triggered by US President Donald Trump’s surprising proposals to claim Greenland.
«Momentum built significantly over the past three months,» he explained. «The year 2025 shocked us all with the start of the Trump II era, involving tariffs and conflicts. Greenland was a pivotal moment — a serious wake-up call for European nations and their leaders.»
The European Commission has recently launched the «One Europe, One Market» strategy, prioritizing legislative measures aimed at boosting Europe’s global competitiveness.
This strategy presents 42 reforms at the EU level designed to finalize the single market, each with designated deadlines. The majority are set to be completed within two years.
Key proposals include establishing a robust industrial strategy via the Industrial Accelerator Act and the so-called 28th Regime, or «EU Inc,» aiming to simplify business establishment procedures across Europe.
The EU plans to ratify both legislative initiatives by year’s end.
«All these elements are essential to foster awareness among Europeans about the opportunity to unite more closely and increase autonomy,» Letta concluded.