On 16 September, Commission President Ursula von der Leyen delivered the State of the European Union address to the European Parliament. In this annual address, the President reflects on the achievements of the past year and sets out the priorities for the coming year.
On the economy, von der Leyen noted that the European economy had weathered the impact of the wars in the Middle East better than expected. Unemployment is at almost a historic low. At the same time, energy prices and higher borrowing costs continue to place an enormous strain on both individuals and businesses. “Clear fiscal policy decisions are needed to ensure financial sustainability whilst safeguarding investment. That is why boosting the European economy is our top priority,” said von der Leyen.
The twelve current omnibus proposals aimed at easing the burden on the economy would reduce administrative costs by around 17 billion euros annually. Above all, however, the European institutions must act more swiftly and drastically cut red tape for small and medium-sized enterprises so that the European economy remains competitive. “In today’s economy, speed is key. A permit or a form, an internet connection or a funding decision. All of these can determine where investment is made. Where jobs are created. We must act faster. That is why we will put forward proposals to speed up the approval process. For projects that are in Europe’s strategic interest, we must act considerably faster. And where administrative burdens are holding back businesses and SMEs, we must reduce them drastically.”
