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During the past couple of years, the EU has been struggling with the effects of an energy crisis, while the USA and China have since expanded their share of global GDP.

Recent concerns regarding the EU's competitiveness arise from a fear of falling behind international partners in key areas, especially in technological advancements and innovation, energy security, and international trade. Current major policy proposals either do not attempt to define competitiveness or they rely on a very narrow definition, leaving underlying EU structural challenges unaddressed. This paper proposes a more comprehensive approach when defining “competitiveness,” both as an outcome and as a process. It suggests defining competitiveness as the ability to create and assure security and welfare for the individuals living in its territory, both as an outcome and as a process, by meeting the needs of domestic and international markets. The policy recommendations prioritize measures enhancing energy security and reducing administrative burdens for the European businesses.