The President discussed energy prices and strengthening the EU single market with the Friends of Competitiveness Group

On Tuesday, President Gitanas Nausėda participated remotely in the Friends of Competitiveness Group meeting, held in preparation for the European Council meeting on 19-20 March in Brussels. The participants discussed energy prices, the deepening of the European Union's single market, and the reduction of bureaucracy.

The meeting was organized by Germany, Italy, and Belgium and was also attended by the leaders of Austria, Bulgaria, the Czech Republic, Denmark, Finland, France, Estonia, Ireland, Latvia, and Slovenia.

Discussing energy prices, President Gitanas Nausėda emphasized that the unstable situation in the Middle East is affecting global energy markets and increasing price volatility, therefore, urgent action is necessary to protect the European economy and industrial competitiveness.

"In the short term, we should not rule out the possibility of drawing on strategic oil reserves and applying other short-term measures. In the longer term, we must accelerate Europe's energy transition-ending our dependence on Russian energy resources, expanding renewable energy production, and investing in Europe's energy network, energy storage, and system flexibility. This is a prerequisite for a secure and competitive European economy," the Head of State said.

Gitanas Nausėda also drew attention to the need to consider short-term measures to mitigate the energy price shock for industry, including targeted support for strategically important sectors and a possible European-level financial instrument to help energy-intensive companies during the transition period.

The meeting also focused on strengthening the European Union's single market. President Gitanas Nausėda stressed the need to remove the main barriers to the free movement of goods, services, and capital and to ensure the ambitious strengthening of the single market.

The Lithuanian leader also emphasized the importance of promoting investment and creating conditions for the savings of European citizens to be channeled more actively into the economy.

"While strengthening the European Union's single market, we must also think about its expansion-it has to be open to Ukraine, Moldova, and the Western Balkan countries," the Lithuanian President stressed.

The meeting also discussed the European Union's legislative simplification agenda. The President expressed support for the European Commission's efforts to reduce the administrative burden, especially for small and medium-sized enterprises, the public sector, and consumers.

Speaking about the next multiannual financial framework of the European Union, Gitanas Nausėda underlined the importance of reaching a timely agreement on the new EU budget and aiming to conclude negotiations by the end of 2026.