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00:00So, I can announce that the first major initiative of the new Commission will be a competitiveness compass.
00:11This competitiveness compass will be the frame for our work for the rest of the term.
00:24The compass will be built on three pillars from the Draghi report.
00:29First, closing the innovation gap with the United States and China.
00:35Second, a joint plan for decarbonisation and competitiveness.
00:41And third, increasing security and reducing dependencies.
00:47The first pillar is closing the innovation gap.
00:51And let me start with good news.