EU's 28th Regime: Simplifying Innovation Across Borders

The European Commission plans to propose a unified regulatory framework, known as the '28th regime', to streamline operations for innovative companies across the European Union. This initiative aims to eliminate national barriers and create a more attractive environment to retain startups and enhance technological advancements.

The European Commission announced a strategic initiative to unify regulations across the European Union to support innovative companies, aiming to keep them from relocating to the United States. Ursula von der Leyen announced this ambitious plan at the Davos economic forum in Switzerland.

The proposed '28th regime' seeks to eliminate the fragmentation caused by varying national laws and offer a coherent legal framework across the 27 EU countries. This move is designed to facilitate easier operations for startups within the EU's single market, which encompasses 450 million consumers.

This initiative is also a critical part of the EU's strategy to advance in future technologies, foster economic growth, and address climate change by reducing CO2 emissions.

(With inputs from agencies.)