PARIS (Reuters) – France and Germany want the future European Commission to focus on cutting red tape and unlocking billions of euros of private and public funds for investment, according to a joint document published on Thursday.
The French and German economy ministries said in the document that Europe must not be left behind and that it needs “new economic dynamism over the next five years, and that all tools should be used to build it.
The first priority is to accelerate work to unify capital markets in the European Union (EU), which are currently largely fragmented, hampering investment flows.
France and Germany, the EU’s two largest economies, have called for simplification of financial market regulation, while making it easier for companies to raise equity capital and market investment products and services. cross-border savings for small investors.
While the US and Chinese governments are massively supporting businesses to boost their competitiveness, Germany and France have judged that public investment would also be essential, although they have given few details on what form this will take. he could take.
Both countries also said the European Union must be more ambitious in its fight against unnecessary bureaucracy by simplifying and speeding up administrative procedures.
Cutting red tape has become a hot topic, with bureaucracy an easy target for far-right parties in the run-up to June’s European elections.
It was also one of the main points of contention during farmers’ protests in several EU countries earlier this year.
The document says EU trade policy under the new European Commission should remain open but assertive in the face of increasing protectionist measures taken by other major economies.
“In order to ensure a level playing field globally, trade defense instruments should be used consistently, where necessary, to effectively combat unfair or abusive commercial practices,” the ministries said.
The joint document was approved as a contribution to a broader ministerial meeting on Monday north of Berlin, during a state visit to Germany by French President Emmanuel Macron.
(Reporting Leigh Thomas; Stéphanie Hamel, editing by Kate Entringer)
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