Remarks by President António Costa at the press conference following the informal EU leaders’ retreat of 12 February 2026
Today the Leaders held a strategic brainstorming on Europe’s competitiveness. On how to build a more competitive and resilient economy that will promote our prosperity, create high quality jobs, and ensure affordability.
Today’s discussions in Alden Biesen brought new energy and a shared sense of urgency around that objective. And, most importantly, today we paved the way to agree on concrete actions in the March European Council.
First, there is unanimous agreement to continue to push ahead with our ambitious simplification agenda as developed in Ursula’s recent letter to the Leaders.
Second, the Leaders accept Enrico Letta’s challenge to move from an incomplete single market to ‘one market for one Europe’. This is urgent and must be done in 2026 and 2027.
Also, we all agree with the importance of moving forward quickly, this year, with the 28th regime. To make sure our companies can operate seamlessly across our 27 member states with a simple and single set of corporate rules.
Third, I heard agreement that, in some sectors like telecom, we should allow for a degree of company consolidation to achieve the necessary levels of investment and innovation. This should be part of a kind of social contract. To ensure that the consolidated companies do invest more and do innovate more. The Leaders want true European champions to emerge in strategic sectors. The ongoing review of merger guidelines plays an important role in this.
Fourth, on electricity prices. The energy transition remains the best long-term strategy for Europe to achieve strategic autonomy and lower prices. But we need pragmatic solutions in the meantime. Concrete solutions that focus on the specific challenges of member states and some industrial sectors. Working closely with the European Commission, we will look at concrete measures in our next European Council in March.
Fifth, on protecting strategic industries and reducing dependencies. There is a broadly shared understanding about the strategic importance, for Europe, to protect and reinforce certain sectors. I heard being mentioned defence, space, cleantech, quantum, Artificial Intelligence, as well as payment systems. We will map and identify our dependencies and tackle them through a diversification strategy.
And on European preference, I feel that there is broad agreement on the need to use it in selected strategic sectors in a proportionate and targeted way, after an in-depth analysis, to identify where it is necessary and useful.
Sixth, there is unanimity that Europe is open for trade and that an ambitious and pragmatic trade policy, focussed on diversification, is in our collective interest, and we need to continue to support the excellent work made by the European Commission.
Finally, no question about it, Europe lacks investment. There will be no competitiveness without more investment. Our focus today was mostly on how to mobilise private investment and I was pleased to hear a unanimous support to accelerate the Savings and Investment Union.
Europe needs a single and efficient financial system, which can better turn European savings into investments in Europe. But public investment will also play a decisive role. And here we need to have a conversation about the role of European instruments, in the context of the MFF negotiations.
Let me conclude by recalling the ultimate goals of all our efforts:
economic growth;
industrial innovation;
quality jobs; and
affordability.
Now, we will turn the results of today’s discussions into concrete commitments and timelines at the European Council in March. After that, we will focus on delivery.
And let me be clear: in 2026, Europe will deliver. We did on defence last year, we will on competitiveness this year.
Thank you very much.
