The conditions are right for a speedy economic recovery, to pre-pandemic levels - João Leão

The Portuguese Minister of State for Finance considers that “the worst moment of the economic crisis has already passed” and that the European Union has “the right conditions for a speedy economic recovery in the coming months, to pre-pandemic levels”. Accordingly, this is the time to reflect “on the main challenges” for the future, João Leão argued.

With this goal in mind, on the final day of its mandate, the Portuguese Presidency of the Council of the European Union organised the Recovery Summit in Lisbon, bringing together economists, politicians and representatives of the European institutions. During the gathering, it announced the creation of a Group of Experts, between the Portuguese, Slovenian and French Presidencies.

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João Leão went on to say that the reflection “will focus on the legacy of the crisis, as well as the measures necessary to stimulate the potential growth of the European economy, and the moulds in which European Union economic policy will be able to respond to this objective”. The Minister’s intention is that “by the end of the year” it will be possible to know the results of the work carried out.

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The future of the European economy depends on investment in R&D

his speech at the opening, in which the Slovenian and French Ministers with the Finance portfolios also took part, João Leão pointed out that the EU invests only 2.1% of its GDP in research and development, a percentage point below the figure for the United States.

“Among the world’s 30 biggest technology companies, only two are European”, the Minister declared. “The future of the European economy will inescapably include bolstering the way it positions itself in relation to the other large economic blocs, in particular regarding the objectives of carbon neutrality, technological innovation and the main technologies”, he concluded.