Finance
Six European economies vow to drive progress on stalled projects
Published by Global Banking & Finance Review®
Posted on January 28, 2026
3 min readLast updated: January 28, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 28, 2026
3 min readLast updated: January 28, 2026
Germany proposes a two-speed EU to improve decision-making amid geopolitical challenges, involving key European states in discussions.
By Maria Martinez and Victoria Waldersee
BERLIN, Jan 28 (Reuters) - Ministers from six leading European economies including Germany and France vowed to be the drivers of European progress as they tackled how to advance projects stalled by the EU's complex decision-making process at a time of geopolitical upheaval.
The video conference including finance and economy ministers from Poland, Spain, Italy and the Netherlands followed ridicule from U.S. President Donald Trump's administration over the time it takes the 27-country European Union to make decisions.
"As six major economies in Europe, we now want to be the drivers," German Finance Minister Lars Klingbeil said after the call. "We are providing momentum; others can join. What matters is strengthening our competitiveness and our defence capability."
The idea of forging ad-hoc coalitions allowing some EU countries to pursue projects without the need for agreement from all 27 has long tempted some members and has already been applied to key projects including the euro currency.
But it is gaining new momentum as Europe confronts widening insecurity, sluggish growth and deep political divergences but without effective joint action to overcome geopolitical challenges from Trump's U.S., Russia and China.
CAPITAL MARKETS UNION, RARE EARTHS AMONG OBJECTIVES
No concrete decisions were made during Wednesday's call, rather just an agreement to focus on a mooted capital markets union; the international role of the euro, including having an independent European payment system; coordinating defence investments; and securing access to critical minerals through coordinated purchasing, emergency reserves and trade partnerships worldwide.
"In view of global uncertainties, we are placing greater emphasis on European sovereignty," Klingbeil said.
Earlier in the week, he had mentioned setting up a two-speed Europe. He did not use those words in Wednesday's statement.
It was not clear yet at what stage other countries could join, nor what precisely the six, who are due to meet again, want to achieve, and if that would happen outside of the EU's usual glacial decision-making channels.
One EU source said it would be an informal, ad hoc group that would convene when needed. Another said this would not be an exclusive club.
MOVE AHEAD
German Chancellor Friedrich Merz has shown a growing willingness to press ahead in Europe without the traditional EU unanimity, be it on the Mercosur trade deal or Ukraine.
France has for years pushed to move ahead in smaller groups on policies ranging from steel import safeguards to nuclear energy that remain blocked at the broader EU level. And several of those invited to the call agreed with the approach.
"The European economy needs to accelerate. Changes are happening too slowly," Polish Finance Minister Andrzej Domański told Reuters.
(Additional reporting by Andreas Rinke in Berlin, Giuseppe Fonte in Rome, Leigh Thomas in Paris, Jan Strupczewski and Kate Abnett in Brussels, Emma Pinedo in Madrid, Simon Johnson in Stockholm, Barbara Erling and Pawel Florkiewicz in Warsaw; writing by Ingrid Melander; editing by Philippa Fletcher, Joe Bavier and Mark Heinrich)
A two-speed Europe refers to the concept where some EU countries move forward with integration and policies at different paces, allowing for more agile decision-making among willing member states.
The euro is the official currency of the Eurozone, used by 19 of the 27 European Union member states, facilitating easier trade and economic stability among these countries.
Economic resilience is the ability of an economy to recover quickly from difficulties such as economic shocks, downturns, or crises, ensuring stability and growth.
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