AmCham EU congratulates the new College of Commissioners on its election. The College now has the responsibility to strengthen the Single Market’s attractiveness as an investment destination – and there is no time to waste. The GDP and innovation gap between the EU and other leading economies is widening, and in 2023, foreign direct investment into Europe fell by 4%.
The good news is that the EU’s competitiveness is high on the new Commission’s agenda. Not only did Commission President von der Leyen’s 26 mission letters mention ‘competitive’ or ‘competitiveness’ 139 times, but this Commission will also feature a portfolio dedicated to implementation and simplification. The latter, in particular, is a sign that the Commission is committed to easing the administrative burden businesses operating in the Single Market face.
However, despite the Commission’s stated focus on competitiveness, questions remain over how to put this priority into practice. The long list of legislative initiatives put forward in the mission letters and discussed during European Parliament hearings, including legislation for review, may run counter to the College’s overarching plans to streamline and simplify. The new College must therefore remain alert to the risk of falling back into ‘business as usual’ policymaking patterns. AmCham EU’s Competitiveness Scorecard is one tool that the Commission can use to assess the impact its regulatory proposals may have on the EU’s competitiveness.
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