EU needs to prioritise competitiveness

• Association of German Banks on EU Commission work programme 
• Achieving goals faster with less bureaucracy

The European Commission today unveiled its work programme for the coming year. “The main thrust of the programme to reduce excessive bureaucracy is precisely the right approach; Europe must become more competitive,” said Heiner Herkenhoff, CEO of the Association of German Banks.
 
“Europe is coming under increasing pressure from many geopolitical challenges. It can only emerge from these challenges strong and competitive if everyone plays their part. The EU must take up its position on the playing field and stop watching from the stands.” The economy needs concrete results and, finally, a reduction in bureaucracy.

“The European Union must slim down its regulation considerably. Making the legislation more consistent, simpler and faster, as they are doing with the upcoming Omnibus package on ESG reporting, is precisely the right signal at the right time,” Herkenhoff continued.

Above all, private capital is needed to overcome the major challenges currently facing Europe. The European Union should become significantly more attractive for international investors. “One important component in this is the securitisation framework. It needs to be adapted quickly and geared towards competitiveness.”

The Commission’s simplification agenda, rightly, includes waiving the requirement for the written form. “In these days of digital alternatives, this is not only obsolete, but also inefficient.”

“In general, I find it encouraging that the Commission has finally set out a path towards more competitiveness, rather than simply increasing regulation,” said the association’s CEO.