Distinguished Prof. Mario Monti, Caro, Excellencies, Buon giorno a tutti Thank you very much for your invitation to speak at such a prestigious Forum, in its iconic setting on the beautiful shores of Lake Como. The question before us today is clear: how does Europe remain a global leader in a world that is more competitive, more uncertain, and more volatile? The answer begins with confidence. Europe must recognise the scale of its achievements and be proud of what it has built. We built the strongest community of democracies combined with social progress. The strongest Single Market in the world, representing 450 million consumers, 32 million companies, supporting around 56 million jobs through trade within our Union. No other continent has achieved the same level of collective well-being and purchasing power. No other region, from America to Asia, has achieved the same level of life expectancy, social protection, and respect for the rule of law. No other continent has achieved the same level of freedom of expression, freedom of information, freedom of research and respect for science. The European Union is a reliable and a predictable partner. In an uncertain world, that is a strategic advantage. That means power. The European Union has built the world’s most extensive network of trade agreements, covering 84 countries around the globe. This year, we have closed negotiations with India, with Australia, and signed agreements with Mercosur and Mexico, benefiting millions of Europeans and millions of people throughout the world. And we are in the process of adopting or ratifying agreements with another 25 countries, expanding our network and deepening economic and political ties worldwide. Instead of tariffs, Europe offers win-win outcomes. And the potential for cooperation extends beyond trade, including security and defence, climate change, technology and the regulation of artificial intelligence. We have seen this in practice. Over the past year and a half, together with President von der Leyen, I convened summits with key regions: the African Union, Latin America and Caribbeans, Central Asia. We have also strengthened our engagement with countries from Canada to New Zealand, including Brazil, India, China, Japan, South Korea, Indonesia, Jordan, Egypt, South Africa, the United Kingdom, among many others. We are building a really multi-polar network. This global outreach shows that North and South are plural and are working together to build long-term commitments, based on mutual interests. Instead of spheres of influence, we weave networks of economic and political cooperation. This is the best way for the European Union to uphold multilateralism, international law, peace, and prosperity. This is what we are defending when we speak about Europe’s future. And the European Union is convening, together with Canada and Kenya, in the margins of the next General Assembly of the United Nations, an event 'Partners for Multilateralism', to uphold collectively the multilateral institutions, starting with the United Nations, to uphold international law, and to defend peace and the development goals. This is why European citizens continue to stand behind our common project, with support remaining strong poll after poll. This is why Europe remains a source of attraction for millions of people. Take the example of enlargement - the greatest geopolitical investment Europe has ever made. Enlargement has strengthened democracy, the rule of law, and our shared prosperity and resilience. The next enlargement - to Ukraine, Moldova and the Western Balkans - will further strengthen the European Union as a geopolitical actor for peace, security and prosperity. This is a European success story, and we should acknowledge it with confidence. For this reason, I disagree with simplistic comparisons suggesting that Europe is simply falling behind. Of course, Europe must improve its competitiveness and its agility to respond faster and more united. But not because we are in decline. We must adapt because the world is changing and because we want to protect and strengthen the European way of life. But we must also be honest about the challenges ahead. The reports by two distinguished Italians, Mario Draghi and Enrico Letta, identified many of Europe’s competitiveness challenges. We are aware of them. And we have taken decisive action. Since the beginning of 2026, European leaders have advanced a strategic action plan focused on improving Europe’s economic performance: - completing the Single Market
- reducing unnecessary bureaucracy
- ensuring affordable energy
- strengthening industrial capacity
- reducing dependencies
- and mobilising investment
The 'One Europe, One Market' agenda provides a concrete roadmap agreed by the European Parliament, the Council, and the European Commission, with clear objectives and timelines. Now the priority is delivery. And I invite all of you, to look at the website of the European institutions, when we publish every quarter, the progress review of how we are doing with the 42 measures. We have until the end of 2027 to deliver the 42 measures which define in concrete action the proposals from Enrico Letta and Mario Draghi. And to keep the leaders focused on this strategy, we start each European Council with the presentation by the President of the Parliament, the rotating Council Presidency, and the President of the European Commission of their own progress review. And this is essential, because if we want to deliver by the end of 2027, we cannot lose a single day to deliver on this. What we are doing: First, we must complete our Single Market. We must integrate sectors like telecoms, energy and capital markets. We need a Savings and Investment Union capable of turning European savings into European investment. We need a new investment culture, with household participation and strong consumer protection. We will act with determination to deliver by the end of 2027 on the Savings and Investments Union as proposed by the Commission. 2028 will be the year in which we finalise what was left to be completed in 1992. Second, we must continue simplifying our rules. The Brussels effect must not become a burden. Member states must also address gold-plating and domestic barriers. The most direct route to simplification is common European rules. Less directives, more regulations. We must go ahead with the 28th regime, at least for corporate law, to make sure our companies can operate seamlessly across our 27 member states with a simple and single set of corporate rules. After years trying to harmonise the 27 different regimes, now we should offer to those who want to invest in Europe the option to choose this 28th regime which operates in all 27 Member States - let’s give companies the freedom to choose the real 28th regime. Third, we must deliver affordable, secure, and sustainable energy. The transition to climate neutrality is not only an environmental necessity. It is also an economic opportunity and a security guarantee. The ongoing crisis in the Middle East shows once again how existential it is for Europe to become more independent. Electricity is cheaper in those areas of Europe where clean homegrown and secure energy sources set the price more often. It is higher in those areas where imported natural gas is needed instead. By investing in renewable energy or nuclear energy, Europe can reduce dependencies and strengthen its industrial future. Fourth, Europe must become a better place to innovate. Artificial intelligence, quantum technologies, clean energy, and digital infrastructure will define the next generation of economic leadership. Europe has not lost the AI race. On the contrary, we have every reason to be confident. Companies, such as Mistral and Domyn, a Milan- based company, are proof that Europe has the talent and the ambition to develop world-class AI. We can, and must, shape technologies that are not only at the cutting edge, but also reflect the values of our societies, our democratic principles and our European social model. Finally, we must invest in people. Europe’s greatest resource is not found underground. It is found in the talent, creativity, and skills of our citizens. Our capacity to innovate, invest, and develop the skills of our people – particularly in artificial intelligence and the technologies that will define this decade – will determine our ability to create quality jobs and maintain our prosperity. We need to invest in talent, but we need also to keep this talent in Europe – and for this we need to address the most challenging social issue at the moment across Europe, that is, housing. Housing is critical to ensure that Europe is the home of the younger generations. Finaly, we must mobilise investment. European savings must do more to finance European growth. We need deeper and more integrated capital markets so that innovative companies can find funding at every stage of development. In a nutshell, my second message is this: we are fully aware of the challenges, and we are taking decisive action. But confidence, awareness and ambition cannot be realised without the right financial instruments. The European Union needs a long-term budget that matches the ambitions of this historic time. A budget not just about numbers, but as the ultimate political choice, a choice about our future, about the Europe we want to build together. That is why we need to approach the final stages of this debate with an open mind and a spirit of collective responsibility. The next budget for the period 2028 – 20234 must have competitiveness, industrial transformation, defence, security, and strategic resilience at its heart – and it must reflect the demands of the challenging times we live in. That is why it will have a completely different architecture to previous budgets. At the same time, the new budget must continue to support the cohesion and agricultural policies, as they are the pillars of regional development and shared prosperity on our continent. Like national budgets, the European Union budget must deliver on its priorities within the limits of finite resources. Most of it is financed through member states’ national contributions. We need to keep those contributions within reasonable limits. That is why a balanced and ambitious package of so-called new own resources, that means own resources for the European Union, will be an essential part of an overall agreement. One thing is certain: we must reach an agreement before the end of this year. We cannot risk interruptions in EU funding in 2028. They would affect our farmers, our businesses, our students, researchers and innovators - in a nutshell, our citizens. I know it won’t be easy. But I am encouraged by the constructive spirit among all the leaders, and I am confident we can reach an agreement by the end of this year. Ladies and gentlemen, The challenges ahead are significant. But Europe’s history shows that our greatest achievements have come when we act together. With confidence. With consciousness. With determination. Grazie mille. | 
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