Stronger European Competitiveness in a World in Upheaval Was the Main Theme at the Informal ECOFIN Meeting in Copenhagen

The informal ECOFIN focused on Europe’s economic challenges, the need to strengthen European competitiveness, simplify EU legislation and reduce administrative burdens for businesses, as well as implement national reforms and address geopolitical tensions.

The minister’s agenda for the informal ECOFIN highlighted both joint and national efforts as key to ensuring strong and productive economies across the EU and essential to Europe’s prosperity and security:

•  Effective working methods to ease the burden of new EU regulation on businesses
• Simpler and more efficient financial regulation
• National structural reforms to boost productivity and competitiveness
• Political action to shape the future of Europe and the global economy in light of geopolitical tensions

Minister for Economic Affairs Stephanie Lose said:

We need a clearer overview and stronger focus on the burdens that new EU legislation places on businesses. EU rules must work properly the first time, so that burdens remain as light as possible, while still delivering the benefits of common rules across our economies. There was broad support to continue work on this important agenda.

The financial sector plays a vital role in the economy, in developing European capital markets, and in strengthening competitiveness. We discussed how to make the rules simpler, keep burdens and costs low, while still ensuring financial stability and protecting investors and consumers.

Stronger structural reforms in all EU countries are just as important as joint EU efforts to improve productivity and competitiveness, and to finance priorities such as stronger defence. We have had good discussions about which national reforms are the most important, how we can best promote a reform agenda, and the many political challenges that may be associated with reform efforts.

Colleagues from Ukraine, the United Kingdom, Canada, and Norway were invited to join discussions on geopolitical challenges and responses from the EU and like-minded partners.

Minister Stephanie Lose said:

Across the EU and with our partners, we are determined to shape our own economic future, take responsibility for our own security, and help push the world in the right direction—towards freedom, democracy, and economic progress. We agree that we must both take action ourselves, for example on reforms, while at the same time working closely on economy, trade, and climate with all those who wish to participate.