“L’Europa sta diventando una colonia di Wall Street”: la lucida allerta di Enrico Letta – l’ex presidente del Consiglio italiano è una delle voci più ascoltate a Bruxelles. Il suo rapporto sul completamento del mercato unico attende urgentemente l’implementazione

Commissioned by the European Council in April 2024, enrico Letta’s report on the future of the market is sounding the alarm: thirty years after Maastricht, Europe is dangerously behind the United States and China. Telecoms, energy, financial services… in these strategic sectors, European fragmentation plays into the hands of Wall Street and the American giants. The former President of the Italian Council, now head of the Jacques-Delors Institute, pleads for a start: finally complete integration before 2028, create “Airbuses” in all sectors and establish a “fifth freedom ” on knowledge. With Trump’s threats and Russian pressure, the urgency has never been more glaring.

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**What did you think of Ursula von der Leyen’s speech and her proposal to complete the integration of the single market by 2028?**

Enrico Letta: I’m happy about it. In my report, I established precise deadlines in the areas that we did not leave aside in 1992 during the construction of the single market: the integration of financial markets, energy, telecoms, on the 28theregime to unify company law and the fifth freedom of knowledge. What I proposed to von der Leyen –and I’m glad she accepted it – was to set an overall deadline. Everything must be done before 2028, exactly as Delors did for the 1992 deadline.

Now that it’s in her speech, it’s become a compelling mission. We are waiting to see how the Commission proposes to implement all this. For our part, at the Jacques-Delors Institute, we are working on the concrete implementation of this deadline. Above all, we must explain to public opinion that this is not a loss of sovereignty, but a gain. We regain sovereignty in areas where we are losing it. And the most urgent thing is the union of savings and investment. Because we are becoming, a little more every day, a Wall Street colony.

**For what?**

The financial market is the sector where American colonization is most evident. Because of fragmentation and lack of European critical mass. Each European financial service always carries a national passport: the German insurer, the French bank…

These players need to become bigger and more European to have critical mass. We must move from the logic of defending national champions to the rapid construction of European champions. We need an Airbus of banks, an Airbus of insurers, an Airbus of energy. Without this, we will not be competitive.

**Don’t small countries fear seeing only Franco-German, and possibly Italian, champions born?**

No, for a simple reason: take Telecoms, the two of the most important champions to work on have their headquarters in Helsinki and Stockholm. I’m talking about Nokia and Ericsson. We can avoid it being only France and Germany who welcome the European champions. Being a European group means that company headquarters and locations must be established in several countries.

**On energy, the Commission has long talked about implementing joint purchases to lower costs. Why does it take so long?**

Joint purchases are important, but even more crucial: interconnections between European countries. If we cannot completely connect the European network, we will never exploit our real resource which is having all the sources of energy: nuclear, wind, solar, gas… With good interconnections on the European electricity market and technology, we will be able to choose the source that costs the least every day.

**France has long blocked the connection of the Iberian Peninsula. Can this change?**

I hope so. In the end, this was not a great advantage for France. The key point is that no European country thrives alone in a declining European environment. It is in the general interest to emerge from decline.

**You talk a lot about the “fifth freedom”. What is it exactly?**

I took inspiration from Jacques Delors. At the end of his mandate, he expressed one regret: not having added a fifth freedom to the four existing ones, which are very “XXe century”, very economy model 1900. The intangible is missing: innovation, knowledge.

Imagine the benefits of finally having a European diploma and avoiding this current madness where we cannot establish mutual recognition of diplomas within the EU! The “5efreedom is a slogan that works, it’s something that people can see as attractive and easy to understand. Moreover, I am going to talk about it today at the G20 science and technology in Pretoria, where I was invited by the South African presidency.

**Are you worried about French political instability?**

Very worried. This is one of the main problems. France plays a fundamental role in Europe. I relied heavily on French ideas in the preparation of my report. This instability risks lowering the level of French commitment which has always been essential in Europe. On the financial markets union, for example, France has always pushed a lot. France, as a driving force behind European construction, must be maintained.

**The “deal” with Trump on tariffs has been widely criticized. The European Commission defends itself by claiming that it is a “lesser evil”, that the EU has negotiated better than others, that 15% customs duties nevertheless makes it possible to maintain trade flows. Do you subscribe to the Commission’s arguments?**

I subscribe to it on the condition that we do not reopen this agreement. What concerns me is that this agreement is the result of a domestic policy game by Donald Trump. When he needs it, he will probably try to reopen the case. The European problem is always the same: we find it difficult to concentrate on several subjects at once. We then risk squandering all European energy on customs duties, when it is a lose-lose situation. We can only lose. Neither Trump nor Europe will win in a tariff war.

**Trump is specifically threatening to increase tariffs if Europe continues to “hit” the digital giants, even if he has not taken action for the moment…**

It’s going to be complicated.
Same on Greenland: he no longer talks about it but he hasn’t given up on getting his hands on it.
It’s such madness and I don’t see where he can go. But all these subjects have at least one benefit: I have never seen Denmark so pro-European as today! Denmark, which with the United Kingdom was the country of Maastricht opt-outs, is today leading a very successful EU presidency. We must salute the commitment of Prime Minister Mette Frederiksen.

**You listened to Mario Draghi’s speeches in Rimini or Brussels last week. His diagnosis is grim. Are you as pessimistic as him?**

He is right to push, to whip for rapid implementation, but I am more optimistic. External pressure will help us get out of this absurd situation. As Delors did, we must talk to European citizens about the benefits they will derive from the elimination of internal borders. However, for the moment, I see many European leaders who scare them and propose to go up internal borders to protect them. This is fake news: internal borders only increase the decline. Their elimination will create more competitiveness and opportunities.

No thanks to a too-big-to-fail “Airbus of banks”.

He wants us out of our…. Lettargy! 🥁😉

Please don’t downvote but Europe has proved it’s a failed state

In 2008, the EU and US had equal GDP

In 2025, the US GDP is 100% larger than the EU, Europe is failing on astronomical levels

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So Europe’s future is either more integration or becoming Wall Streets playground? That’s a chilling way to frame the single market debate. 👀

He is not Wong. Europe could be an powerhouse in