In a draft for the next economic policy, the European Commission promises to take strong action against the bureaucracy. The authority will make an unprecedented effort to achieve greater simplification, according to a draft strategy document.
The anti-bureaucracy plan will be officially presented next week. The paper is available from the German news agency in Brussels. The first push should come next month and include simplifications in the areas of sustainable finance reporting and due diligence.
For example, it could be about the European supply chain law, which is intended to hold large companies liable for human rights violations in their supply chains. The online portal ‘Euractiv’ and the ‘Handelsblatt’, among others, previously reported on the design of the so-called competition compass.
The EU must remain climate neutral
In the twenty-page document, the Commission outlines its priorities for the next two years. In addition to reducing bureaucracy, it involves promoting investments in future technologies such as artificial intelligence (AI), providing more support for climate-friendly technologies and lowering energy prices. The Commission also emphasizes in the draft that it wants to maintain that the EU must be climate neutral by 2050.
A new check on competitiveness should also take a closer look at new initiatives. This includes, for example, assessing the expected impact of EU projects on cost differences compared to other international competitors.
The EU currently faces competition mainly from China and the US. Companies there currently have advantages given the higher energy prices in Europe.
Source: Krone

I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.