The European Commission plans to utilize its key instruments, competition control and trade policy, to promote the European industry in the future. This is revealed in the “Competition Fitness Compass”which the Commission will present next week, as reported by the Handelsblatt.
The aim of the compass is “a Europe where the technologies and clean products of tomorrow are invented, manufactured and marketed”according to the 21-page draft. The competition law is set to be relaxed to facilitate mergers and acquisitions of companies. European firms will also be given preference in the award of public contracts in strategically important sectors.
Additionally, the Commission intends to promote innovations to boost productivity. This includes simpler rules and faster approval procedures, as well as a stronger guidance of industrial policy from Brussels. Moreover, the Commission aims to reduce energy costs for both businesses and private households.