The European Union has unveiled a plan to revamp its economic model, aiming to create a more business-friendly environment. The 'competitiveness compass' focuses on reducing regulatory burdens, simplifying rules, and boosting innovation to counter competition from the US and China. The plan also emphasizes energy diversification, strengthening supply chains for critical raw materials, and supporting the development of green technologies.
European Commission President Ursula von der Leyen told a news conference to present the “competitiveness compass”—the first major initiative of her second mandate. — AFP picas a first-time user . Exclusively for Malay Mail readers: Use codeBRUSSELS, Jan 30 — The EU unveiled a much-anticipated blueprint to revamp Europe’s economic model on Wednesday, marking a shift towards a more business-friendly Brussels after five years of heavy focus on green goals.
Heeding their call, the EU hopes to get back in the race by turning recommendations made last year by former Italian leaders Enrico Letta and Mario Draghi into a tangible plan of action. The “simplification shock”—as billed by commission vice-president Stephane Sejourne—has set alarm bells ringing with environmentalists.
A European legal regime, distinct from the 27 member states’ national jurisdictions, is to be set up to allow innovative companies to benefit from a single, harmonised set of rules on insolvency, labour law and taxation.Europe is suffering from energy costs that are much higher than those of its international competitors after the war in Ukraine cut off supplies of cheap Russian gas.
The EU plan also calls for the bloc’s competition watchdog to take into account the huge investment needs of technology companies when assessing mergers in “strategic sectors”.
Economy Technology EU Economy Competitiveness Regulation Green Technology Supply Chains
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