The European Commission is planning to go much further than before in cutting red tape, as part of a sweeping policy proposal to revive the bloc’s economy and compete with China and the U.S.
The European Commission is planning to go much further than before in cutting red tape for businesses, as part of a sweeping policy proposal to revive the bloc’s economy and compete with China and the U.S.
The commission will on Wednesday call for officials to make “an unprecedented effort” to simplify the bloc’s notoriously complicated rules for businesses and to speed up administrative procedures, according to a draft document dated Jan. 23 seen by Dow Jones Newswires.
“In a global system where geopolitical tensions, competition for technological supremacy, and the scramble for control over resources are on the rise, Europe’s freedom, security and autonomy depend more than ever on its ability to innovate, compete, and grow,” the document says.
The document outlines what policymakers will do over the next five years to reinvigorate the European Union’s economy. It highlights simplifying EU reporting requirements as well as freeing up capital for investment in new technologies and clean products as a way to help the bloc compete on the global stage. It also calls for officials to better coordinate policies both at the EU and national level.
As part of the EU’s plan to simplify and accelerate its regulatory environment, the document cites a proposal to be adopted next month that will target sustainable finance reporting, sustainability due diligence and taxonomy. It said the commission will aim to prevent smaller companies from being burdened with excessive reporting requests that put them at an unfair advantage to larger corporations.
Write to Edith Hancock at edith.hancock@wsj.com
