Sticking to usual practices (the famous “business as usual”) is “no longer an option”, indicate, seriously, the 27 European heads of state and government in a “Budapest declaration on a Pact for a new European competitiveness” adopted unanimously on Friday November 8 in Hungary.
The European Council met there to discuss a subject as vast as it was complex: ways to strengthen competitiveness on the Old Continent. To do this, they based their discussions on a report prepared by the former President of the Italian Council Mario Draghi and made public in September. In this sprawling document, the economist calls in particular on the European Union (EU) to innovate and make up for its technological gap, to adopt a plan to ensure a green transition, and to strengthen its security while reducing its dependence on -to the rest of the world.
Also present in Budapest, Mario Draghi stressed that “thehe recommendations in this report were already urgent, given the economic situation we find ourselves in today, but they became even more urgent after the US elections“. Indeed, the return of Donald Trump to the White House makes Europeans fear an even more marked economic decline in the Old Continent.
Fostering “trust”
So the European Council is looking for solutions. And these range from the deepening of the single market (particularly in the least integrated sectors, such as telecoms or energy) to the establishment of a real Capital Markets Union (CMU) to better benefit from of Europeans’ savings, through the renewal of the EU’s industrial strategy.
Also and above all, the Twenty-seven plead in favor of a “revolution of simplification”. Clearly, it would be a question of getting rid of texts which represent too heavy administrative burdens for companies, and putting more “trust” in them. This term has also been used on several occasions by the President of the European Council Charles Michel.
“We need to adopt a supportive mindset based on trust, allowing businesses to thrive without excessive regulation,” reads the Budapest Declaration. In line of sight, in particular? The “information obligations” (or “reporting requirements” in the text) which are requested from companies, which should be reduced “by at least 25% during the first half of 2025”. Valdis Dombrovskis, designated commissioner for “Implementation and Simplification” within the next European Commission, may have his work cut out for him.
Source: www.usinenouvelle.com
