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European Commission President Ursula von der Leyen delivers her full address at the World Economic Forum 2026 in Davos, outlining Europe’s position on global security, the war in Ukraine, Arctic and Greenland issues, transatlantic relations, and the future of European independence.

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Transcript
00:00On the global stage, you have been a clear and consistent voice for multilateral cooperation, support for Ukraine, and a rules-based international order.
00:13At a time when leadership is tested not only by crisis, but by choices made for the future, your voice offers both direction and reassurance.
00:25Please join me in welcoming President von der Leyen, Madam President, the floor is yours.
01:03And the idea of the founder, Klaus Schwab, was to create a platform to discuss the issues and the ideas of the day.
01:12Of course, the world has transformed completely since 1971.
01:20But the original idea of Davos has remained, as we just have heard in the speeches.
01:27So I was delighted that you have gone back to your roots with this year's theme, a spirit of dialogue.
01:35Because this spirit is all the more important in a world that is more fractured and more fractious than ever.
01:431971 was the year of the so-called Nixon shock and the decision to de-link the U.S. dollar from gold.
01:57In an instant, the foundations of the Bretton Woods system and the entire global economic order set up after the war effectively collapsed.
02:09But it also had two major effects.
02:14It inadvertently created the conditions for what would become a truly global order.
02:21And it provided a sharp lesson for Europe and on the need to strengthen its economic and political power.
02:30It was a warning to reduce our dependencies, in this case, on a foreign currency.
02:39The world may be very different today, without any question.
02:43But I believe the lesson is very much the same.
02:49That geopolitical shocks can and must serve as an opportunity for Europe.
02:56And in my view, the seismic change we are going through today is an opportunity, in fact a necessity, to build a new form of European independence.
03:09And this need is neither new nor a reaction to recent events.
03:16It has been a structural imperative for far longer.
03:22So when I used this term, European independence, around a year ago, I was surprised at the skeptical reactions.
03:32But less than one year on, there is now a real consensus around this.
03:40The sheer speed and almost unthinkable scale of the change have driven this.
03:46But the underlying imperative is still the same.
03:50The good news is, we acted immediately, whether on energy or raw materials, defense or digital, we are moving fast.
04:04But the truth is also that we will only be able to capitalize on this opportunity if we recognize that this change is permanent.
04:17Of course, nostalgia is part of our human story, but nostalgia will not bring back the old order.
04:26And playing for time and hoping for things to revert soon will not fix the structural dependencies we have.
04:35So my point is, if this change is permanent, then Europe must change permanently too.
04:46It is time to seize this opportunity and build a new, independent Europe.
04:52And ladies and gentlemen, this new Europe is already emerging.
05:01On Saturday, I was in Asunción, in Paraguay, to sign the EU-Mercosur Trade Agreement.
05:10It was a breakthrough after 25 years of negotiations.
05:15And with it, the European Union and Latin America have created the largest free trade zone in the world.
05:25A market worth over 20% of global GDP.
05:3131 countries with over 700 million consumers aligned with the Paris Agreement.
05:40So this agreement sends a powerful message to the world, that we are choosing fair trade over tariffs,
05:50partnership over isolation, sustainability over exploitation,
05:59and that we are serious about de-risking our economies and diversifying our supply chains.
06:07And that will not stop in Latin America.
06:11Last year, we reached new agreements with Mexico, Indonesia, and Switzerland, our host country.
06:19We're working on a new free trade agreement with Australia.
06:24We are also advancing with the Philippines, Thailand, Malaysia, the United Arab Emirates, and more.
06:31And right after Davos, the next weekend, I will travel to India.
06:40There's still work to do, but we are on the cusp of a historic trade agreement.
06:48Indeed, some call it the mother of all deals.
06:50One that would create a market of 2 billion people, accounting for almost a quarter of global GDP.
07:02And crucially, that would provide a first-mover advantage for Europe,
07:07with one of the world's fastest-growing and most dynamic continents.
07:12Europe wants to do business with the growth centers of today and the economic powerhouses of this century.
07:21From Latin America to the Indo-Pacific and far beyond,
07:26Europe will always choose the world, and the world is ready to choose Europe.
07:32And, ladies and gentlemen, this reality also reflects the fact that Europe has all the assets its needs to attract investment.
07:50The savings, the skills, the innovation with our AI factories and gigafactories and the applications that are necessary, AI first.
08:05What we need now is to mobilize collectively these assets to their full potential and to focus on the essential.
08:14So, focal point number one is to create a conducive and predictable regulatory environment.
08:25We live in an age where capital and data can cross Europe in a second.
08:31And business must be able to move just as freely.
08:35But as things stand, too many companies have to look abroad to grow and scale up,
08:41partly because they face the new set of rules every time they expand into a new member state.
08:51So, while on paper the market is of 450 million Europeans open to them,
08:59it is far more complicated in reality.
09:03And that acts as a handbrake on the growth and profit potential of companies.
09:08So, this is why we need a new approach.
09:12We will soon put forward our 28th regime.
09:17The ultimate aim is to create a new, truly European company structure.
09:24We call it EU Inc.
09:26with a single and simple set of rules that will apply seamlessly over our union
09:34so that businesses can operate across member states much more easily.
09:40Our entrepreneurs, the innovative companies, will be able to register a company
09:45in any member state within 48 hours, fully online.
09:51They will enjoy the same capital regime all across the European Union.
09:59And ultimately, we need a system where the companies can do business and raise financing
10:03seamlessly across Europe just as easily as in uniform markets like the United States or China.
10:11If we get this right, and if we move fast enough,
10:17this will not only help EU companies grow, but it will attract investment from across the world.
10:26Which brings me to the second focus, investment and capital.
10:32We are now building the savings and investment union.
10:38We need a large-scale, deep and liquid capital market that attracts a wide range of investors.
10:47And this will allow business to find the funding they need, including equity, at lower costs here in Europe.
10:54We have made proposals on market integration and supervision to ensure our financial market is more integrated.
11:05This covers trading, post-trading and asset management, as well as driving innovation
11:13and making our supervisory framework more efficient.
11:16This will help ensure that capital flows where it is needed, to scale-ups, to SMEs, to innovation, to industry.
11:30And the third priority is to build an interconnected and affordable energy market, a true energy union.
11:42Energy is a choke point for both companies and households.
11:46And just look at the dispersion of prices across European electricity hubs.
11:52Europe needs an energy blueprint that pulls together all the part.
11:57This is our affordable energy action plan.
12:02We are, for example, massively investing in our energy security and independence with interconnectors and grids.
12:11This is for homegrown energies that we are trying to promote as much as possible, the nuclear and the renewables,
12:20to bring down prices and cut dependencies, to put an end to price volatility, manipulation and supply shocks.
12:27But now we have to speed up this transition.
12:32Because homegrown, reliable, resilient and cheaper energy will drive our economic growth and deliver for Europeans and secure our independence.
12:44Ladies and gentlemen, whether on trade or business, capital or energy, Europe needs an urgency mindset.
12:59Our starting point is good.
13:01We are home to global champions in fields ranging from wind power to next generation batteries,
13:07from aerospace to the industrial machines that are essential to build the chips and advanced weapons.
13:14Our companies are taking up AI at the same pace as their U.S. peers.
13:19Europe is in the race for the key technologies of tomorrow.
13:26But as global competition gets ruthless, we must show real ambition, especially in those sectors vital for our independence.
13:38Take defense, for example.
13:42We have done more on defense in the last year than in decades before.
13:50We have started a surge in defense spending up to 800 billion euros till 2030.
13:57Member states are stepping up their investment at record level.
14:03And this has helped to triple the market value of European defense industry companies since January 2022.
14:13We now have three leading European defense tech startups that have reached unicorn valuation.
14:22They are working on AI-powered software and systems for battlefield intelligence or on advanced dual-use and surveillance drones.
14:33So they are also driving innovation and investment in Europe's defense tech industrial base.
14:42All of this would have been unthinkable even a few years ago.
14:48This now only shows how economy and national security are more linked than ever.
14:58But also what we can do when Europeans have the will to match the ambition.
15:06So, ladies and gentlemen, this need for ambition is most important when it comes to the security of our continent.
15:15In just over a month, we will mark the fourth anniversary of Russia's war of aggression against Ukraine.
15:28Four years on, Russia shows no sign of abating, no sign of remorse, no sign of seeking peace.
15:39On the contrary, Russia is intensifying its attacks, killing civilians every day as we speak.
15:50Just last week, its bombing of Ukraine's energy infrastructure left millions facing darkness, cold and water shortages.
16:00We all want peace for Ukraine.
16:14We recognize President Trump's role in pushing the peace process forward, and we will work very closely with the United States.
16:29And we all agree that, therefore, Ukraine must be in a position of strength to go to the negotiation table.
16:36And this is why we Europeans have decided to provide Ukraine with a loan of 90 billion euros for 2026 and 2027.
16:48With this support, we make sure that Ukraine can bolster its defense on the battlefield, strengthen its defense capabilities for a peace agreement, and keep basic services running.
17:04Above all, it reaffirms Europe's unwavering commitment to the security, the defense, and the European future of Ukraine.
17:15And in parallel, we decided to permanently immobilize the Russian assets, and that we reserve the right to make use of them.
17:30This should serve as a stark reminder to Russia, and as a message to the world.
17:38Europe will always stand with Ukraine until there is a just and lasting peace.
17:45Ladies and gentlemen, I've spoken a lot today about European independence,
17:58on partnerships, on prosperity, and security.
18:04So I would like to conclude with Greenland, an issue which cuts to the heart of all three of these imperatives.
18:18When it comes to the security of the Arctic region, Europe is fully committed.
18:25And we share the objectives of the United States in this regard.
18:32For instance, our EU member, Finland, one of the newest NATO members, is selling its first icebreakers to the United States.
18:42And this shows that we have the capability right here, in the ice, so to speak.
18:50It shows that our northern NATO members have Arctic-ready forces right now.
18:55And above all, that Arctic security can only be achieved together.
19:04And this is why the proposed additional tariffs are a mistake, especially between long-standing allies.
19:13The European Union and the United States have agreed to a trade deal last July.
19:21And in politics, as in business, a deal is a deal.
19:27And when friends shake hands, it must mean something.
19:32Ladies and gentlemen, we consider the people of the United States not just our allies, but our friends.
19:43And plunging us into a downward spiral would only aid the very adversaries
19:49we are both so committed to keeping out of the strategic landscape.
19:54So our response will be unflinching, united, and proportional.
20:04But beyond this, we have to be strategic about how we approach this issue.
20:11And this is why we are working on a package to support Arctic security.
20:15First principle, full solidarity with Greenland and the Kingdom of Denmark,
20:20the sovereignty and integrity of their territory is non-negotiable.
20:28Second, we are working on a massive European investment surge in Greenland.
20:35We will work with Greenland and Denmark hand-in-hand
20:38to see how we can further support the local economy and infrastructure.
20:45Third, we will work with the United States
20:49and all partners on wider Arctic security.
20:54This is clearly in our shared interest,
20:57and we will step up our investment.
21:01In particular, I believe we should use our defense spending surge
21:06on a European icebreaker capability
21:09and other equipment vital to the Arctic security.
21:12And fourth, we need to work with all our regional partners
21:22to strengthen our common security.
21:25And this is why we will look at how to strengthen our security partnerships
21:30with partners such as the UK, Canada, Norway, Iceland, and others.
21:37Finally, I believe Europe needs to adjust to a new security architecture
21:43and realities that we are now facing.
21:47And this is why Europe is preparing its own security strategy,
21:51which we plan to publish later this year.
21:53And as part of this, we are upgrading our Arctic strategy too.
22:00And at the heart of this will be the fundamental principle.
22:04It is for sovereign people to decide their own future.
22:09Ladies and gentlemen,
22:12when I started preparing for this year's address,
22:18security in the high north was not the main theme.
22:23But in many ways, it feeds into the wider point I started with today.
22:29That Europe must speed up its push for independence,
22:32from security to economy, from defense to democracy.
22:40Having the dialogue with our friends and partners,
22:44also if necessary with adversaries.
22:46The point is that the world has changed permanently
22:49and we need to change with it.
22:52And therefore, thank you and long live Europe.

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