Budapest, Hungary - November 08, 2024 Storyline: The Budapest Declaration on the New European Competitiveness Deal was adopted Friday at an informal European Council meeting in Budapest, outlining a strategic framework aimed at enhancing the European Union (EU)'s global economic standing via targeted reforms and initiatives. One of the top priorities agreed by EU leaders is to ensure a fully functioning Single Market, unlocking its full potential as a "key driver for innovation, investment, convergence, growth, connectivity and economic resilience". Another central component of the declaration is its commitment to a "simplification revolution" to reduce administrative burdens on businesses. By mid-2025, the EU plans to decrease reporting obligations by at least 25 percent, fostering a more conducive environment for enterprise and innovation. The declaration emphasizes the need for urgent measures to mitigate energy prices, which place European companies at a competitive disadvantage compared with the U.S. enterprises. In addition, it also highlights the establishment of a comprehensive industrial policy, with a pledge to allocate three percent of the EU's gross domestic product to research and development by 2030, underscoring a commitment to innovation and technological advancement. Decisive steps must be taken towards a Savings and Investments Union by 2026, the declaration underlines, advocating for the full implementation of the Capital Markets Union (CMU). The CMU initiative launched in 2015 aimed at creating a unified and deeper capital market across EU member states, while the declaration aims to mobilize private savings for productive investments, seeking to unlock capital for high-tech and innovative sectors. To ensure that new legislative measures align with competitiveness objectives, the EU leaders agree to include "competitiveness impact assessments" on forthcoming EU proposals. The declaration also proposes the creation of an European defense industrial base, reflecting a strategic approach to bolstering the EU's defense capabilities and industrial autonomy. The informal meeting of EU heads of state and government followed the fifth European Political Community summit. Their discussions covered key topics aimed at strengthening the EU's economic competitiveness, tackling foreign policy challenges, and deepening transatlantic relations. Shotlist: Budapest, Hungary – Nov 8, 2024: 1. Various of EU leaders arriving for press conference; 2. Various of press conference on Budapest Declaration on New European Competitiveness Deal in progress, attendees, reporters. [Restrictions : No access Chinese mainland]