Ref. Ares(2022)7271581 - 20/10/2022
Ref. Ares(2022)8905103 - 21/12/2022
EUROPEAN COMMISSION 
 
 
Cabinet of President Ursula von der Leyen 
  Member of Cabinet 
Brussels, 23 September 2022 
CA.1.CAB STAFF/
 
SHORT NOTES OF A MEETING 
Subject: 
Meeting (VTC) 19 July 2022 on economic situation 
Participants : 
EC : President von der Leyen, Björn Seibert, Anthony Whelan 
External :
  
 
Main remarks by the external participants : 
 
EU is the only major world region that is not energy independent. 
As 100 years ago, the key to emerge from war, recession and pandemic is greater  
investment in infrastructure, research & innovation. 
EU lagging US & CN on digital (e.g. 5G, AI, automation). Broadband / 5G roll-out needs 
stronger business case, improved market structure. Chips dependency is not just at the 
cutting edge. 
Need for competitiveness KPIs to guide policy. 
Need to complete single market (only 75% complete for goods, 66% for services). Need 
to further enhance enforcement efforts.   
Fragmentation slows scale-up, and speed now beats size in digitalised economy. 
EU promotes right strategy, execution is key. Vaccines shows EU can be fast & effective 
on critical needs. 
End of monetary QE will enhance incentives for fiscal responsibility and intelligent 
investment by MS. 
Current recession risk is not driven by demand shortfall but supply restrictions (gas, 
supply chains) so generalised fiscal support is not the right response, need to focus on 
specific vulnerable groups. Policy should drive supply (including labour and capital 
supply). 
The single market and competition policy are anti-inflationary tools. 
Gas storage build-up may contribute to temporary spike in inflation, but worthwhile to 
prepare for winter when assured supply may ease price tensions. Output loss risks from 
gas disruption look manageable in aggregate, but some MS very exposed. Advantages of 
a single buyer platform.  
 
  e-signed - 
Anthony WHELAN 
 
Commission européenne/Europese Commissie, 1049 Bruxelles/Brussel, BELGIQUE/BELGIË - 
 
 
 
 

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