© Reuters. FILE PHOTO: European Union (EU) flags fly in front of the headquarters of the European Central Bank (ECB) in Frankfurt, Germany, July 8, 2020. REUTERS/Ralph Orlowski/File Photo

BERLIN (Reuters) – The heads of European Union institutions called for a strengthened euro and progress towards a capital markets union in a joint appeal that was published by Germany’s Funke Media Group on Friday.

The piece, which commemorates the 25th anniversary of the currency, was written by European Commission president Ursula von der Leyen, European Parliament president Roberta Metsola, European Council head Charles Michel, the head of the ECB, Christine Lagarde, and Eurogroup chief Paschal Donohoe.

In it, the leaders stress the need for cooperation to overcome challenges, which include increasing geopolitical tensions and the climate crisis.

In addition, “our competitiveness is facing unprecedented challenges due to energy and industrial policy measures in other parts of the world,” they write in the piece that is due to appear in the media group’s print editions on Saturday.

They also advocate the establishment of a capital markets union that would extend across the entire continent and could be used to mobilise private financial resources.

In order to increase competitiveness and security, “the existing structures could be strengthened through revised budgetary rules and a more robust banking union,” they write.