German Chancellor Friedrich Merz has called on the European Union to axe 25 years of "decline" by rolling out "bold" economic action.
Addressing economic chiefs in Antwerp on Wednesday, Mr Merz proposed introducing a set of measures after arguing "minor correction to laws are insufficient".
"Only an economically powerful Europe will be a sovereign Europe," the world leader told experts in the Belgian port city.
Over the course of Wednesday and Thursday, 27 leaders gathered in a Belgian castle near Brussels to discuss ways to catapult the EU back onto the economic world stage.
In his speech, Mr Merz said: "We must deregulate every sector and I call for a regulatory clean slate. Minor corrections to laws that are not sufficient.
"We need to systematically review the whole set of existing EU legislation."
He further compared the EU's progress on growth to that of Beijing. While China has grown by around eight per cent each year over the past two decades, the EU has only grown by one per year.
Mr Merz added: "We must close up this gap, we must close it up now."
The leader of Europe's largest economy declared it 'high time' for the EU to push for radical reforms
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"It is high time for Europe to act, to act swiftly and to act decisively," the Chancellor declared, urging the bureaucratic body to slash red tape.
He said: "China built the world's largest solar farms within few months. In the EU, it takes years just for the project to get approved.
The conservative further argued "overregulation in this European Union, our European continent, hampers our economic growth" and "makes the EU less attractive for investment".
"Any project that is not treated within few weeks or months will be regarded approved automatically," he continued, receiving an abundance of applause from the audience.
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Mr Macron and Mr Merz put on a united front during the summit
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"This is what our companies and our citizens expect of their administrations and their Governments. And I believe it is their right."
Meanwhile, French President Emmanuel Macron instructed business leaders the only way to handle economic rivalries was to make the continent "an independent power".
European Commission President Ursula von der Leyen argued each member state must unify their economic policies to rake in increased capital and improve its competition on the world stage.
In his radical proposal speech, Mr Merz argued the EU's current carbon market could be subject to revision - or even delayed to make appropriate modifications.
He said: "The system is implemented to reduce CO2 emissions and at the same time to enable the companies to come to CO2-free production lines.
"So if this is not achievable, and if this is not the right instrument, we should be very open to revise it, or at least to postpone it."
Today, Mr Macron and Mr Merz put on a united front together, regarding the Union's single market and competition.
With the Frenchman by his side, the German leader told reporters: "I'm happy that Emmanuel Macron and I agree with each other – as almost always."