Tackling Europe's Red Tape Challenge
The EU’s competitiveness has slumped in recent years
After being hit by a surge in energy costs linked to Russia’s war against Ukraine, the pull factor of incentives provided by the US, and industrial overcapacity in China. Countries, businesses and economists are increasing calling out what they see an overwhelming burden of red tape in Europe that is deterring investment at the very time that the continent needs to boost its innovation capacity to compete with the US and China in the industries and technologies set to define the 21st century.
The Financial Times, in partnership with ExxonMobil, convened EU policymakers, business leaders and other stakeholders in Brussels to discuss the EU’s regulatory simplification plan, its progress, its challenges, and its impact on Europe’s competitiveness. Watch on-demand now.
The Afternoon Was Split Into Two Panel Discussions
Tackling Europe's Red Tape Challenge:
Plans, Priorities, Progress
A key plank of the new EU Commission’s five-year term is the simplification of rules and cutting reporting requirements for business. The push comes in response to businesses halting investment in Europe in favour of destinations such as the US where reporting requirements are less prescriptive, and the business environment considered more conducive to innovation. Among the many initiatives to reform EU rules are the Competitiveness Compass to enact the Draghi report’s recommendations and a commitment to review the whole body of EU laws, existing and proposed, to see what could be simplified. Following the landmark first 100 days of the current mandate, with early reforms now underway, what progress will we see on the simplification agenda?
EU Regulation in focus: What’s next for the Corporate Sustainability Due Diligence Directive (CSDDD)
Following long and contentious negotiations, the EU Corporate Sustainability Due Diligence Directive ( CSDDD) entered into force in July 2024.The directive requires that in-scope companies - both EU and non-EU companies within specified thresholds - undertake risk-based due diligence aimed at identifying and addressing actual and potential adverse human rights and environmental impacts of their own operations, those or their subsidiaries, and within their chain of activities, those of their business partners. The directive also requires companies to adopt and put into effect transition plans for climate change mitigation aligned with the Paris agreement and EU targets. Along with the CSDR, and the EU Taxonomy, the ruling falls within the scope of the Commission’s proposed omnibus legislation that aims to simplify, in one step, the EUs sustainability reporting framework.
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