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The global economy is changing rapidly, requiring decisive action to safeguard and strengthen Europe's competitiveness, prosperity, and fairness, including in relation to other global actors. The recently-proposed Automotive Industry Plan, announced on 5 March 2025, it is intended to support the European automotive sector as it deals with high manufacturing costs, the low-carbon transition, and increased competition from China.

In September 2023 European Commission President Ursula von der Leyen asked Mario Draghi to prepare a report on the future of European competitiveness. The report was completed in September 2024. It looks at the challenges faced by industry and companies and outlines how Europe will no longer be able to rely on many of the factors that have supported growth in the past. It lays out a diagnosis and provides recommendations to put Europe on a different trajectory. The report also touches extensively on cost of living issues, largely by linking them to structural economic challenges such as high energy prices, low productivity, and the need for industrial transformation.

MEPs outline their priorities for transforming the recommendations in the 2024 Draghi report into reality and assess the work already undertaken on the recommendations.