EU Competitiveness Compass

The European Commission recently published the Competitiveness Compass: a plan to “steer the EU towards greater sustainable competitiveness”. One key element of this extensive plan is the simplification and harmonization of EU regulation. Part of this Compass is the introduction of three Omnibus Packages, with the first aimed at ESG reporting and due diligence, including CSRD, EU Taxonomy, CSDDD and CBAM.

While many companies are already well underway in their reporting and broader ESG journeys, this announcement naturally leads to many questions on what exactly will change, and how that impacts running and to be planned projects. On this page you will find relevant insights on the EU Competitive Compass developments provided by our experts. 

• Facilitating the establishment and scaling up of start-ups.
• Creating a deeper and more efficient venture capital market.
• Easing mobility and retention of talent.
• Investing in state-of-the-art infrastructures.
• Boosting innovation and research.

• Facilitating access to affordable energy.
• Strengthening the business case for a clean transition.
• Promoting the competitiveness of clean tech manufacturers.

Integrating security and open strategic autonomy considerations into EU economic policies is essential for economic success and competitiveness. This pillar aims to:

• Develop policies, partnerships, and investments to ensure economic security, resilience, and strategic interests.
• Strengthen defence industrial capabilities through pan-European cooperation.
• Improve preparedness for economic and security challenges.

1. Simplification Omnibus Packages

   This enabler focuses on streamlining regulations and processes to reduce administrative burdens. By simplifying the regulatory environment, businesses can operate more efficiently and focus on growth and innovation.

2. Single Market Strategy

   Removing barriers within the Single Market is essential for creating a seamless and efficient market. This enabler aims to ensure that goods, services, capital, and people can move freely across the EU, fostering economic integration and competitiveness.

3. Financing

   Access to financing is crucial for businesses to support growth and innovation. This enabler ensures that businesses have the necessary financial resources to invest in new technologies, expand operations, and compete globally.

4. Skills and Quality Jobs

   Promoting skills development and creating quality job opportunities are key to maintaining a competitive workforce. This enabler focuses on enhancing education and training programs to equip workers with the skills needed for the future economy.

5. Competitiveness Coordination Tool

   Better coordination between EU and national policies is vital for achieving common goals. This enabler aims to align policies and initiatives across different levels of government to ensure a cohesive and effective approach to competitiveness.