The European Commission presented its Competitiveness Compass on Wednesday, a framework aimed at strengthening the European Union's productivity after the Draghi report in September sounded the alarm for the union's competitive edge. The framework includes initiatives to boost innovation, decarbonization and supply chain diversification. In addition, it seeks to simplify regulation, remove intra-EU barriers, form a European Savings and Investments Union, promote skilled workers and jobs, and better coordinate policies on the EU and national levels.

"The Competitiveness Compass transforms the excellent recommendations of the Draghi report into a roadmap. So now we have a plan. We have the political will. What matters is speed and unity," Commission President Ursula von der Leyen commented.