“Startups should not be forced to look at the US, Asia or other markets to finance their expansion”
She will head the EU Commission for a total of ten years: As expected, the German Ursula von der Leyen has been re-elected in the EU Parliament for her second term as Commission President. She was first elected by the MEPs in July 2019. 401 MEPs voted yes, 284 no and 22 cast blank or invalid votes – von der Leyen easily achieved the necessary majority of 360 votes.
In her declaration for the second term of office, which runs until 2029, she made clear which priorities she wants to set. One of them, is interesting for all (young) entrepreneurs: the long-sought unification of the capital market. “Europe needs more investment, from farming to industry, from digital to strategic technologies but also more investment in people and their skills. This mandate has to be the time of investment. This starts with completing our Capital Markets Union and mobilising more private financing,” said von der Leyen.
€300 billion flow out every year
Today, it is not attractive for wealthy people to invest in Europe, but the Capital Markets Union should change that. “Every year EUR 300 billion of European families’ savings go from Europe to foreign markets, because our capital market is too fragmented. And then this money is often used to buy innovative European companies from abroad. This has to change,” the politician continued.
“We need to leverage this enormous wealth to create growth here in Europe. This is why we will propose a European Savings and Investments Union. European start-ups should not need to look at the US or Asia to finance their expansion. They must find what they need to grow right here in Europe. We need a deep and liquid capital market. And we need a competition policy that supports companies to scale up. Europe must be the home of opportunity and innovation.”
Further content of her announcements: The new old Commission President called for more investment in security and defense. She proposed building a European defense union and tripling the number of Frontex border guards. Von der Leyen spoke out in favor of expanding the EU, particularly to include the countries of the Western Balkans as well as Ukraine, Moldova, and Georgia. She described this as a “moral, historical and political responsibility.” To strengthen democracy in Europe, von der Leyen announced a “European shield for democracy.” This is intended to combat disinformation and foreign influence.
Focus on social issues
The Commission President also promised to focus more on social issues. She announced a European plan for affordable housing and wants to appoint a Commissioner for Housing. Von der Leyen stressed the importance of agriculture and announced a new strategy for the agricultural and food sector. A plan to adapt agriculture to climate change is also to be presented. Finally, von der Leyen called for more European unity. She called for reforms to ensure the functioning of a larger EU and was open to treaty changes.
