The European Union has promised to boost innovation and improve security on the continent, revealing details of a new “competitiveness compass” to guide the bloc’s new strategy.
Entrepreneurs at home and abroad have criticised the EU’s approach to business in the past, accusing lawmakers of prioritising regulation over innovation. A recent report from former Italian prime minister Mario Draghi urged the EU to raise investment and cut regulation, drawing applause from some in the tech industry.
Unveiling the new strategy on Wednesday, European Commission president Ursula von der Leyen, said: “Europe has everything it needs to succeed in the race to the top. But, at the same time, we must fix our weaknesses to regain competitiveness.”
Von der Leyen said the competitiveness compass represents the EU’s determination to enact the Draghi report’s recommendations.
“We have the political will. What matters is speed and unity," she said. "The world is not waiting for us. All Member States agree on this. So, let's turn this consensus into action.”
The document outlines three key priorities for Europe: closing the innovation gap, decarbonising while remaining competitive and reducing dependencies on outsiders.
It promises to "drive development and industrial adoption of AI in key sectors" and create a dedicated startup strategy that will make it easier for companies to scale up, including plans to simplify rules across the continent, something industry leaders have long pleaded for.