European Union leaders are to discuss economic competitiveness and integrating the bloc's capital markets at a Brussels summit on Thursday.
The basis of the discussion is a study from former Italian prime minister Enrico Letta on the future of the EU's single market, the regulatory system that allows goods, capital, services and people to move freely across the 27 EU member states.
Capital markets received the bulk of Letta's attention, with the bloc urgently seeking new sources of investment to fund defence spending and economic reforms to reduce carbon emissions.
Letta said on Wednesday that “the greatest impact, possibly, is linked to the integration of the single market to the financial markets.”
Letta reported that €33 trillion ($35 trillion) worth of savings held in the EU could be better invested.
A draft joint statement from EU leaders, seen by dpa, called on EU institutions to advance all work "necessary to create truly integrated European capital markets."
Letta also called for national state aid subsidies for domestic companies to be redirected to benefit the EU single market as whole.
Additionally, he wants better integration of national transport systems.
Letta noted that when he was travelling to compile the report, high speed rail worked well internally within EU countries but did not connect EU capitals.