Kayvan Hazemi-Jebelli
European Commission President Ursula Von der Leyen designated a slate of new Commissioners and delivered each a specific Mission Letter. The letters reveal Von der Leyen’s political will — Brussels is waking up.
Out is a crusade to regulate. In is the need to increase European competitiveness. Former Italian Prime Minister and European Central Bank president Mario Draghi’s long-awaited report on European Competitiveness provided the needed wake-up call. It’s an indictment of the past two decades of European industrial policy, which has left Europe trailing both the US and China in growth and innovation. Europe finds itself plagued by regulatory fragmentation, stagnant productivity, and lagging tech investment.
The Draghi Report offers clear solutions. It calls for unifying the fragmented continental capital markets and cutting administrative friction. A one-stop shop should be created for corporate compliance, business creation, and investment. Europe needs to end its obsession with measures guarding against “potential yet undetermined risks.” Instead, innovation must be prioritized.
President Von der Leyen’s mission letters to her new designated commissioners show that Brussels accepts the dire diagnosis, and is ready to take the medicine.
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