Remarks by President António Costa at the press conference following the European Council meeting of 20 March 2025

We have just concluded a productive European Council. We had very useful exchanges with President Volodymyr Zelenskyy and with United Nations Secretary-General António Guterres. And the President of the European Commission presented to the leaders the White Paper on Defence.

But today we focussed mainly on our economic agenda – because that is the basis of Europe’s prosperity, our citizens’ prosperity. All member states, without exception, agree that we need to accelerate our economic agenda. And that is what the European Council did today, by taking important decisions in three key areas: cutting unnecessary red tape; making energy more affordable for citizens and companies; and turning savings into productive investments.

I want to thank Ursula von der Leyen and the European Commission for their work in all of these areas in the run up to this European Council, which provided an excellent and indispensable basis for our decisions today.

Today we agreed on clear targets, clear tasks and clear timelines. Through the reduction of bureaucracy by 25% for all companies and 35% for SMEs we will make it easier for all companies in our economic space. Through measures to reduce energy prices, we will help companies be more competitive. Through the integration of our financial markets, businesses and citizens will get the funding for innovative companies. Business as usual is not an option, because as of today, 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.

So today we moved forward on simplification; on energy costs; and on private investments. And our goals are clear: to create more jobs, more quality jobs, and to strengthen fundamental industries, like the automotive, steel and metals sectors, in order to make sure that Europe remains a continent of innovation and technological dynamism.

Today we also recalled that all of these efforts need to be pursued in line with the climate objectives we have jointly agreed to, because, competitiveness and sustainability are fully compatible when done right.

A sustainable economy is also a socially fair economy, an economy that leaves no one behind. That is why today we reaffirmed our European social model and the importance of the European Pillar of Social Rights. In a nutshell: prosperity, sustainability, fairness. On all of these, there are challenges but also many opportunities. On all of these, Europe is taking decisions and moving forward. Thank you very much.

https://newsroom.consilium.europa.eu/embed/260705

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