The EU Commission is planning massive cuts in bureaucracy

It’s not just Austrian companies that complain about too much bureaucracy. Former ECB boss Mario Draghi, who in his report published in September, also competitiveness of the European economy, called for a massive reduction in bureaucracy in addition to investments.

The EU Commission has taken this to heart. In a strategy paper that is to be presented next week and has been made public in advance massive simplifications and faster approval processes promised.

Up to 35 percent fewer reporting requirements

Die Reporting requirements for companies should a quarter be reduced, and in small and medium-sized enterprises (SMEs) it should even be 35 percent be, it says “Competition Compass”which outlines the Commission’s economic policy plans for the current term of office. Among other things, these should be purified EU Supply Chain Regulation and the Sustainability Reporting Guideline.

Those too Competition Rules should be relaxed and the “emergence of European champions” supported, such as, among other things Handelsblatt reported. The EU Commission wants one this year Artificial Intelligence (AI) Strategy imagine in which supercomputers are planned, that AI companies can use to train their models. The money will come from a competitiveness fund, among other things.

Sticking to climate neutrality

The EU Commission wants to present a “Clean Industrial Deal” by the end of February. The aim is to reduce energy prices and promote climate-friendly technologies. The Commission also emphasizes in the draft that it wants to maintain that the EU climate neutral by 2050 should be.

A new one Competitiveness check should also take a closer look at new initiatives. This involves, for example, assessing the expected impact of EU projects on cost differences compared to other international competitors. The EU is currently facing competition primarily from China and the USA. Companies there currently have advantages in view of higher energy prices in Europe.