EU leaders vow to make bloc more competitive in face of Trump threat

Budapest meeting finds consensus on need to raise growth and productivity as America first' protectionism looms

EU leaders meeting in Budapest have signed a declaration aimed at boosting the bloc's ailing competitiveness - a task given added urgency by the threat of America first" protectionist trade policies promised by the US president-elect, Donald Trump.

The bloc has too many barriers to innovation and must drastically reduce red tape, especially for startups; ramp up investment; make access to capital easier; and raise productivity, the European Commission president, Ursula von der Leyen, said on Friday.