Incoming Commission President Ursula von der Leyen Wednesday reiterated the importance of moving to \u201csignificantly modernize\u201d the EU budget to ensure Europes industry can keep up with global competitors.<\/p>\n
At her confirmation speech in Strasbourg, von der Leyen said Europe is failing to invest sufficiently in innovation \u2014 a nod to the ongoing dispute over how to allocate spending in the blocs long-term budget for 2021-2027.<\/p>\n
\u201cWe are the worlds trading superpower. We rank first globally in exporting manufactured goods and services. We are the largest source and destination of foreign direct investment anywhere in the world,\u201d she said. \u201cWe should harness this transformative power of the twin climate and digital transition to strengthen our own industrial base and innovation potential. This can only be done through investment.\u201d<\/p>\n
Von der Leyen said a shift was urgently needed to prevent Europe from falling behind competitors such as the U.S. and China.<\/p>\n
\u201cFor years, we invested less in innovation than our competitors do,\u201d she said. \u201cThis is a huge handicap to our competitiveness \u2026 This is why we should not see the next Multiannual Financial Framework as a simple accounting exercise. The world seven years ago looks nothing like the world in seven years time. Our budget must be significantly modernized.\u201d<\/p>\n