National sovereignty equals 'sending gifts to US and China', former Italian PM Letta tells Euronews

Former Italian Prime Minister Enrico Letta has asserted that for the European Union to effectively compete with economic giants like the United States and China, its member states must prioritize the bloc's sovereignty over their own national independence. In an interview with Euronews, Letta described national sovereignty as being on the wrong scale for today's global economic landscape, likening it to 'sending a gift' to the larger economies.

Letta's comments come ahead of significant elections in 2027, which could reshape the EU's political balance. He specifically mentioned the potential impact of Marine Le Pen's presidential candidacy in France, noting her past calls for France to leave the Eurozone and her current stance advocating for a bloc of sovereign nations.

He argued that the notion of national sovereignty trumping European sovereignty is false, emphasizing that true competitiveness can only be achieved at the European level. Letta drew a parallel with the introduction of the euro, which he described as an "enormous success" that strengthened Europe globally without eroding national identities. He believes similar integration can be achieved in energy, connectivity, and financial markets.

Letta's 2024 report, 'Much More Than a Market,' which inspired the EU's 'One Europe, One Market' roadmap, calls for greater integration of fragmented financial markets into a Savings and Investments Union. He highlighted that the EU holds substantial private savings but struggles to mobilize them effectively, with a significant portion being invested abroad, primarily in the US economy. He believes a European label for savings could offer better returns and foster innovation, enabling Europe to regain its footing in technological advancements like AI.