“The European Union and the United States will face increasingly strong global competition. This is inevitable. The question is whether we have the capacity - separately and together - to determine the direction of future development.“ This was stated by the MEP from the Bulgarian Socialist Party and the Socialists and Democrats Group, Tsvetelina Penkova, to students from Georgetown University in Washington, USA, and to members of the European Policy Organization.
In her words, the key is energy, competitiveness and innovation. “In recent years, Europe has been working hard to diversify its energy supplies. But energy security does not simply mean replacing one external dependency with another, but production capacity, competitive prices and modern infrastructure. This is also related to my work in the European Parliament with the Electricity Transmission Network Regulation, on which I am currently negotiating with the EU Council and the European Commission“, she pointed out.
The MEP gave the example of Bulgaria, where insufficient connectivity with the European electricity transmission network contributes to permanent price differences with other regions in the Union. “While enterprises in the same common market are faced with structurally different electricity prices, we cannot talk about a level playing field for European industry“, Penkova stressed.
In her speech, she also emphasized the role of innovation: “Europe is very good at creating knowledge – we have excellent universities, scientists and engineers. But too often we experience difficulties when we have to turn this knowledge into globally successful companies and into industrial production. This is the challenge we are addressing with the EU Strategy for Start-ups and Scale-ups and the European Innovation Act.“
According to Penkova, it is precisely in this area that there is enormous potential for transatlantic partnership: “The EU and the US will compete - that is normal. But at the same time, we share a strategic interest in energy infrastructure, nuclear energy, artificial intelligence, cybersecurity and high-tech manufacturing.“
In conclusion, Tsvetelina Penkova addressed the students: “For your generation, the debate on strategic autonomy will not be just theoretical. You will be the engineers, entrepreneurs, investors and politicians who will determine where the technologies of the future are developed, financed and produced.“
The discussion that followed covered topics related to energy security, the growing energy consumption of artificial intelligence and data centers, competition with China and reindustrialization. The conversation also focused on the question of the possibilities for the EU to maintain its competitiveness in a rapidly changing global environment.
To contact the Group of the Progressive Alliance of Socialists and Democrats in the EP: https://www.socialistsanddemocrats.eu