European Union leaders are gathering at a summit in Belgium to discuss the continent's declining economic competitiveness and explore strategies to enhance its position in the global market. The 'Buy European' initiative, which aims to favor local firms in key industries like clean technology, is expected to prompt significant debate among the EU's 27 leaders. The urgency of addressing Europe's economic vulnerabilities has intensified, particularly following the loss of Russian gas supplies and economic pressures from the US and China.

The proposal for European preference has gained traction, particularly from France, suggesting a shift in policy that many once considered controversial. Leaders are concerned that without a strategic focus on domestic support, Europe could lose further ground to the economic might of the United States and China. The summit will delve into whether such measures could effectively bolster the EU’s economy in the face of geopolitical instability.

Furthermore, the discussions are taking place against a backdrop of increasing calls for protectionist measures within the EU as member states grapple with their economic futures. The outcome of these deliberations could reshape how the EU approaches its internal economic policies and its relations with global trading partners, potentially marking a shift towards a more self-reliant economic strategy in response to external pressures.