SOTEU: Business welcomes renewed attention to economic challenges

In the State of the Union 2023 speech, European Commission President Ursula von der Leyen announced a renewed attention to economic challenges. European businesses welcome this initiative and highlight that with the economy still under considerable strain, concrete steps are urgently needed. For instance, a reduction of excessive regulatory burden.

A strong commitment to deliver new trade agreements is fundamental for Europe to remain a competitive economy and a global player.  

The Green Deal, which according to von der Leyen remains EU’s core economic strategy, needs to be embedded in a cross-sectoral industrial policy that addresses the root causes of Europe’s weakening competitiveness.

A rapid full implementation of competitiveness checks and a 25% reduction of reporting requirements are also a must.

We look forward to contributing to former Italian Prime Minister Mario Draghi’s competitiveness report as Europe needs to become a top investment location again, and we are ready to discuss how to make Europe more successful at the announced Val Duchesse Social Partner summit.