And third, to leverage the complementarity of Member States’ economies, using comparative advantages within the Single Market to reinforce European value chains, foster competitiveness and boost resilience to geopolitical shocks. This would also increase European cohesion and internal convergence. European integration will also strengthen our ability to influence international developments.
Wellcoordinated, common EU action can be more effective at global level than isolated moves, especially when facing players of considerable economic and political weight. Initiatives to deepen Economic and Monetary Union and strengthen the integration of the Single Market would also make our economy more resilient and stable, especially if backed by an appropriate common fiscal capacity.