EU Unveils Competitiveness Compass to Boost Industry and Innovation

The European Commission's roadmap aims to simplify regulations, enhance green technologies, and address economic challenges posed by the U.S. and China.

The Competitiveness Compass outlines a five-year plan to cut regulatory burdens, aiming to reduce administrative costs by 25% for large companies and 35% for small and medium enterprises.
A Clean Industrial Deal, expected next month, will focus on decarbonizing industries, boosting clean technology, and reducing energy costs for manufacturers.
The EU plans to simplify sustainability laws, including the Corporate Sustainability Reporting Directive and Corporate Sustainability Due Diligence Directive, amid criticism from businesses and environmental groups.
Investment strategies include creating a Savings and Investment Union to mobilize European savings and launching AI and quantum computing initiatives to compete globally.
The plan emphasizes maintaining Green Deal climate targets, including a 90% emissions reduction by 2040, while offering flexibility to struggling sectors like automotive and steel.