With the European elections now concluded, it’s time for Europe to get to work in tackling its substantial economic challenges. Without generating growth, we will not be resilient enough to meet this test. For that, the new mandate must build the basis for an economic renaissance that creates conditions for healthy, open, and competitive markets.

Europe’s ills lie in its economic underperformance. It is vital that Europe gets back to basics. The answer is, to quote an ex-US president, “the economy, stupid!”

Rather than doubling down on protectionism and closing ourselves off from the rest of the world as a reaction to policies abroad, Europe should lead by example by pushing for an open and competitive approach to trade.

Closer to home, we need to create the conditions for a properly functioning Single Market.  Europe’s long-term competitiveness and economic resilience rely on a stronger and deeper Single Market, creating jobs, growth and prosperity for Europe and its citizens.

Prosperity is a prerequisite for European security. Europe must recognize that businesses are not only capable of addressing pressing societal challenges – they should be leading the charge.

Nowhere is this truer than in Europe’s efforts to tackle climate change. The green transition requires enormous investments that cannot be met with public funding alone. The money is in Europe, but investors are withholding. The new mandate must ensure that regulation acts as an enabler of innovative enterprise, rather than restricting their capacity to invest, drive value, and meet this momentous moment.

Businesses are likewise best placed to activate the digital transition by unlocking data-driven solutions for the benefit of all. Best-in-class regulation at the EU level is essential if companies here are to compete with their US and Chinese counterparts.

We urgently need a Competitiveness Deal for Europe which addresses all these points and puts our Single Market at its heart.