The European Union must implement an ambitious package of reforms covering labor mobility, capital markets and simplified bureaucracy by the end of 2026, a discussion paper backed by the governments of Germany, Italy and Belgium said.

The one-page document obtained by POLITICO is meant to serve as the basis for discussions between 15 leaders to take place on Thursday before an EU summit later in the day in Alden Biesen, Belgium, where the focus will be on competitiveness.

The paper urges the EU to complete the Single Market, slash bureaucratic red tape and chase further trade deals to “open new markets and opportunities for Europe’s economy.”

It also spells out a desired timeline for carrying out these reforms.

“Our objective is to reach agreement at the March EUCO (European Council gathering) and to anchor this agenda in its conclusions through concrete initiatives, mandates and deadlines, so as to fully implement it by the end of 2026,” the paper reads.