Tripartite Social Summit: Three priorities for Europe’s prosperity

Held ahead of the European Council meeting, the summit brought together European Commission President Ursula von der Leyen, European Council President António Costa, Executive Vice-President Roxana Mînzatu, Irish Taoiseach Micheál Martin, Irish Minister of State Alan Dillon and European social partners.

“Europe cannot regulate and tax its way to prosperity”, said BusinessEurope President Maciej Witucki. He warned that high energy prices and over-regulation are putting European companies at a disadvantage and contribute to industrial job losses. Europe must defend its interests against unfair competition while putting its own economic house in order.

President Witucki outlined three priorities for the way forward. Firstly, accelerate the simplification of EU legislation and industrial permitting - only 7% of BusinessEurope’s Omnibook proposals have been addressed. EU Inc. must also be a straightforward instrument focused on company law.

Secondly, complete the Single Market. This requires a long-term vision for where it should be in ten years, with clear performance indicators and measurable targets, as established for the green and digital transitions.

Thirdly, ensure the EU budget supports competitiveness. Disproportionate cuts to competitiveness funding and new company taxes such as Corporate Resource for Europe (CORE) would undermine Europe’s investment attractiveness and its ability to create quality jobs.