Former Italian PM Letta Urges EU Sovereignty in Face of US-China Rivalry

European Union member states need to prioritize bloc sovereignty over national interests to remain competitive against the United States and China, Enrico Letta stated during a Euronews interview, describing the two powers as “giants.”

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His remarks precede key elections in 2027, which could reshape the EU’s political landscape, particularly French presidential elections. Marine Le Pen’s decision to run as a presidential candidate has raised concerns in Brussels about potential strains in EU-French relations. The National Rally leader previously campaigned to exit the Eurozone a decade ago but has since shifted focus to advocating for a bloc of sovereign nations within the EU.

Letta, speaking on Euronews’ 12 Minutes With program, emphasized that national sovereignty cannot outweigh European unity in today’s economic environment. Using the metaphor of sending gifts to the U.S. and China, he argued that “national sovereignty is not on the right scale.” Instead, he stressed that competing with global powers requires embracing European sovereignty.

He noted that preserving national identities is possible through challenges like the euro’s introduction, which faced initial resistance in countries like Italy, France, and Germany but ultimately succeeded. “Today, we are stronger globally thanks to the euro, and we haven’t lost our identities,” Letta said. He extended this reasoning to energy, digital connectivity, and financial markets, arguing that deeper integration could enhance competitiveness without eroding cultural distinctions.

The former prime minister highlighted his 2024 report, Much More Than a Market, as foundational to the EU’s “One Europe, One Market” strategy discussed at a recent Brussels council meeting. He linked the acceleration of these efforts to the Greenland crisis, triggered by U.S. President Trump’s ambitions to acquire the territory. “This event galvanized EU leaders to take concrete steps toward implementing growth strategies,” Letta remarked.

Letta also advocated for a Savings and Investments Union (SIU) to unify fragmented financial markets. He pointed to Europe’s €33 trillion in private savings, much of which flows abroad, particularly to the U.S. “A European savings label could offer better returns while directing capital toward domestic innovation,” he explained. Emphasizing the need for private investments to drive tech and manufacturing, Letta contrasted Europe’s historical edge in consumer tech with current gaps, urging a revival of innovation through market-driven solutions.

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