The Green Deal and strengthening European competitiveness: these are and remain priorities. Just like doing business in Europe easily, according to Commission President von der Leyen in her (for the time being) last State of the European Union. Whether we see her again depends on the European elections in 2024.
The need to increase European competitiveness was also demonstrated by the announcement that the Commission is launching an anti-subsidy investigation into electric cars from China. The Commission is therefore going to take firmer action to protect the European market from unfair competition by other countries.
The annual State of the European Union is a 'European throne speech', in which the European Commission sets out its plans for the next 12 months. In retrospect, von der Leyen reflected, among other things, on the Green Deal, which she believes is the linchpin of our economy. She also discussed the boost given to the geopolitical Union partly by the war between Ukraine and Russia and further stressed that the Commission stands by previous choices on modernisation, digitalisation and greening the European economy. All this is based on the idea that 'the Commission aims for a strong, united continent that can compete in a time of strong power competition within a fickle world'.
Green Deal
The ambitious course for greening legislation that was started in 2019 is being pursued firmly. Von der Leyen also indicated that he would keep an eye on the European industry that the Commission will continue to support during the energy transition. Remarkably, von der Leyen said nothing about the Commission's possible last major climate proposal: a new target to reduce greenhouse gas emissions by 2040. The Commission is legally obliged to publish this target in the first half of 2024.
International framework for digitalisation
As regards Europe's digital transformation, the Commission wants to create a new global framework. The focus of the committee is therefore on approving AI rules as quickly as possible, transposing them into practice and bundling all initiatives into international minimum standards for the safe and ethical use of Artificial Intelligence.
Responding to insurers' call to reduce reporting obligations
To make doing business in Europe easier, von der Leyen said European policymakers are coming up with new legislation to reduce reporting obligations at EU level by 25 percent. In doing so, the committee chairman meets the wish of insurers to make the complex administration simpler and more efficient.
Strengthening European competitiveness
Von der Leyen has asked the well-known Italian economist Mario Draghi to produce a report on the future of European competitiveness. This is important for the financial sector because competitiveness will play an even greater role in Brussels.
Fair competition and firm attitude towards China
From the point of view of fair competition, von der Leyen also reflected on the current and future relationship with China. She was referring to the cheaper electric cars from Chinese brokerage that are flooding the world and whose price is kept artificially low with gigantic state subsidies. There will be an antitrust subsidy study on electric cars from China in order to map the disruption of the European market from the outside. "Protecting the European market is a priority," says Vonder Leyen.
European elections 2024
Not included in the speech, but the mandate of the current Commission runs until mid-2024 and elections will take place in June. Through a European series of articles we will keep you informed of the elections.
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