“On 9 September 2024, European Commission (EU) President Ursula von der Leyen received the report on the future of European competitiveness prepared by Mario Draghi. Von der Leyen took part in the press conference to present the report (https://commission.europa.eu/topics/strengthening-european-competitiveness/eu-competitiveness-looking-ahead_en) as the EU is today one of the most competitive, dynamic and innovative regions in the world. However, recent years have brought some historic challenges, including the COVID-19 pandemic and the conflict in Eastern Europe. While the EU has successfully weathered these crises, they have affected our global competitiveness. Growing challenges such as climate change, artificial intelligence and geopolitical tensions are changing the world we live in. To thrive in this new landscape, we must ensure that the EU is a place where growth and innovation can continue to thrive. A more competitive EU will enable European companies to compete successfully on the global market. We can achieve this by creating an environment where they can develop products, services or solutions that are better, more efficient and more innovative than those of their international competitors, e.g. the US, India and China. To ensure that we can continue to deliver high levels of prosperity for all EU citizens, competitiveness has been placed at the heart of the European economic agenda for 2024 and beyond. Public investment is essential, but it is not enough to ensure that we remain competitive in today’s world. To enable European companies to take advantage of the EU’s immense private capital, we need to complete the Capital Markets Union (CMU), launched almost 10 years ago. Every year, €300 billion of European savings are diverted abroad due to the fragmentation of our capital markets system. If we complete the CMU, EU companies could raise an additional €470 billion in financing per year. This capital can be used to foster innovation, growth and job creation across the continent. This is the framework for this Open Class.”