Over the past few years, the word competitiveness has become inescapable in the European debate. Invoked across institutional, economic and industrial domains, it functions simultaneously as a strategic objective and a political narrative. Yet its very ubiquity has rendered the concept increasingly ambiguous. This article argues that the EU’s current competitiveness agenda does not rest on a single coherent doctrine but is structured around the coexistence of three distinct and partly overlapping interpretations. Competitiveness is framed, first, as economic growth, centred on productivity, investment, and Single Market integration. Second, it is understood as leadership in strategic technologies, emphasising innovation, industrial policy, and technological sovereignty. Third, it is increasingly associated with economic security, focusing on resilience, autonomy, and the management of strategic dependencies. The article shows how these interpretations are embedded in EU policies and institutional initiatives, and how their interaction generates structural tensions and trade-offs, amplified by divergent national interests among Member States. By analysing competitiveness as a plural and contested policy paradigm rather than a unitary concept, the article contributes to a clearer understanding of the strengths and limits of the EU’s current strategic framework. It concludes that governing, rather than eliminating, the internal ambiguities of competitiveness is essential for transforming it from a rhetorical umbrella into a coherent guide for European policymaking.