EU unveils 'Competitiveness Compass' to enhance industrial growth

The European Commission has unveiled its 'Competitiveness Compass,' a strategic plan aimed at enhancing the EU's competitiveness in response to challenges from the U.S. and China. This initiative, which will guide actions over the next five years, focuses on simplifying regulations, reducing reporting burdens, and accelerating investments in critical sectors such as AI and clean technology. Key elements of the plan include the 'Clean Industrial Deal' to support energy-intensive industries in decarbonization and the commitment to streamline access to venture capital and public procurement for European companies. However, concerns have been raised by civil society groups about potential setbacks in social and environmental standards as the EU prioritizes economic growth. The Commission emphasizes that regulatory simplification is essential for achieving sustainability goals while maintaining competitive edge. The roadmap reflects a shift in strategy, balancing economic needs with environmental commitments amidst a changing global landscape.