Europe to Ease Business Reporting Rules to Up Competition

European businesses have long complained that tight regulations and bureaucracy have hampered their ability to compete on the world stage.

A European Union flag flutters outside the EU Commission headquarters, in Brussels, Belgium, on Feb. 1, 2023. Yves Herman/Reuters File Photo

The European Commission announced plans to significantly revamp its economic strategy to meet the demands of the European Union’s major industry players, who have long complained about excessive taxation, exorbitant energy prices, and an impenetrable bureaucracy.

The “Simplification Omnibus” aims to enable the 27-nation bloc to compete with the likes of the United States and China.