European Council hits €300 billion outflow with sweeping economic agenda

At a press conference following the European Council meeting on March 20, 2025, President António Costa highlighted the €300 billion that leaves the EU each year as a critical issue addressed at the summit.

Costa discussed the steps taken to prevent this leakage, focusing on reducing bureaucracy, lowering energy costs, and driving investments to ensure Europe's future economic prosperity, sustainability, and fairness, Caliber.Az reports, referencing Council of EU.

President António Costa opened the press conference with a stark revelation: "Around €300 billion of EU families’ savings flow out of European Union markets each year. There are €300 billion that don’t fund businesses in the European Union."

This financial leakage, Costa stressed, is an urgent concern that Europe must address to secure its economic future.

He emphasized that the European Council meeting had focused on three key areas to tackle this issue: cutting unnecessary red tape, making energy more affordable, and turning savings into productive investments. Costa noted that "all member states, without exception, agree that we need to accelerate our economic agenda" to ensure prosperity for Europe and its citizens.

The President thanked Ursula von der Leyen and the European Commission for their groundwork, saying, "That work provided an excellent, an indispensable basis for our decisions today."

One of the major steps agreed upon was reducing bureaucracy, with a goal to cut it by 25% for all companies and 35% for SMEs. "Through the reduction of bureaucracy, we will make it easier for all companies in our economic space," Costa explained. The summit also decided on measures to lower energy prices, enabling businesses to become more competitive in the global market.

The integration of financial markets was another critical decision, with the aim of providing businesses and citizens with better access to funding for innovative ventures. Costa made it clear that "business as usual is not an option" if Europe is to retain its competitive edge.

Despite these economic challenges, Costa assured that sustainability remained a priority. "Competitiveness and sustainability are fully compatible, when done right," he stated, reaffirming Europe's commitment to climate objectives. He further emphasized that a "sustainable economy is also a socially fair economy," one that leaves no one behind.

In closing, Costa underscored the European Union's commitment to its social model and the European Pillar of Social Rights. "Prosperity – sustainability – fairness," he concluded, stating that while challenges exist, there are also "many opportunities" for Europe to take decisive steps forward.

By Aghakazim Guliyev