11 March 2022

Informal meeting of the Heads of State or Government: Versailles Declaration

The European Council acknowledged the European aspirations and the European choiceof Ukraine, as stated in the Association Agreement... we addressed today three key dimensions:a) Bolstering our defence capabilities;b) Reducing our energy dependencies; andc) Building a more robust economic base

Extracts from the Declaration

III. BUILDING A MORE ROBUST ECONOMIC BASE

20. Building on the strengths of the Single Market, which we will continue to complete, we
will make Europe’s economic base more resilient, competitive and fit for the green and
digital transitions, while leaving no one behind.
Reducing our strategic dependencies
21. Looking ahead, the following sectors are instrumental in addressing our strategic
dependencies, particularly in the most sensitive areas:

Critical raw materials
We will secure EU supply by means of strategic partnerships, exploring strategic
stockpiling and promoting a circular economy and resource efficiency;
Semi-conductors
We will diversify supply value-chains, maintain technological leadership and further
develop EU production capacity with the aim of securing, through the European Chips
Act, 20 % of the global market share by 2030;

Health
We will focus on supporting innovation and sustainable European production of
affordable medicines, fast-tracking the registration of European suppliers, financing
research and development and building production capacity for critical products to
respond to health crises, including through HERA, and making Europe a leader in
biomedicines;

Digital
We will invest in digital technologies, including Artificial Intelligence, Cloud and 5G
deployment in Europe and abroad. We will examine the feasibility of creating digital
partnerships, strengthen the EU normative framework by swiftly adopting pending
legislative acts (in particular the Data Act, the Digital Services Act, the Digital Markets
Act, the Artificial Intelligence Act), and weigh in on the standardisation of some key
technologies, including the future 6G;
Food

We will improve our food security by reducing our dependencies on key imported
agricultural products and inputs, in particular by increasing the EU production of plant-
based proteins.
We invite the Commission to present options to address the rising food prices and the
issue of global food security as soon as possible.

Action at EU level and beyond

22. At EU level, we will ensure cooperation by fostering industrial initiatives, including
through Important Projects of Common European Interest (IPCEIs) and industrial
alliances. In addition, we will strengthen the EU’s research and innovation capabilities.
23. At global level, we will continue to pursue an ambitious and robust trade policy,
multilaterally as well as through trade agreements, and promote our standards, market
access, sustainable value chains and connectivity. We will complete our trade and
competition policy toolbox with instruments to address distortive effects of foreign
subsidies on the Single Market, to protect from coercive measures by third countries,
and to ensure reciprocity in opening up public procurement with trading partners. The
process leading to trade agreements should be transparent and inclusive so as to ensure
successful outcome

IV. FOSTERING INVESTMENT

24. We will create an environment that facilitates and attracts private investment by...

f) creating more integrated, attractive and competitive European financial markets,
enabling the financing of innovation and safeguarding financial stability, by
deepening the Capital Markets Union and completing the Banking Union..

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