EU leaders back steps to compete with US, China

European Union leaders agreed on Thursday to back a revamp of the single market, simplified regulations and other steps to ensure the bloc can compete with the United States and China as an industrial leader in green and digital technologies.

High energy prices and US President Joe Biden's Inflation Reduction Act, which offers $369 billion of green subsidies that often only apply to products made in North America, have raised EU fears of an exodus of European industry.

Europe's competitiveness in relation to the world's two biggest economies has become a major concern 30 years after it created an internal market, which is largely seamless for goods, but falls short for services.

Dutch Prime Minister Mark Rutte said it was vital to cut red tape and make the most of the single market.

"The internal market is of vital importance for our welfare," he said,...