Scholz to seek reforms to boost EU competitiveness at Brussels summit

German Chancellor Olaf Scholz said on Thursday he will seek to boost European competitiveness through a series of reforms to be discussed at an EU summit in Brussels next week.

"Our competitiveness is the prerequisite for economic success," Scholz told the German parliament. "And our competitiveness is the prerequisite for Europe's future as a geopolitical actor."

The German leader said that changes required included the completion of the capital market and banking union, as well as more flexible state aid rules.