Streamlining Europe's Financial Future: A Call for Regulatory Unity

European Commission President Ursula von der Leyen advocates for simplifying EU regulations to boost competitiveness against the US and China. She highlights the need for a unified financial system, emphasizing plans for the Savings and Investment Union. A roadmap to a single market by 2028 is proposed.

European Commission President Ursula von der Leyen has called for the European Union to simplify regulations governing companies operating in the region. She emphasized that this move is crucial for Europe to remain competitive with global giants like the United States and China.

In her speech to the European Parliament, von der Leyen highlighted the fragmented nature of Europe's financial landscape compared to the unified system in the U.S. She pointed out that Europe deals with 27 different financial systems, each managed by its own supervisor, and over 300 trading venues across the Union.

To address these challenges, von der Leyen proposed the creation of a Savings and Investment Union, aimed at establishing a single, large, and efficient capital market. She urged EU leaders to support a single market roadmap to be presented at the March EU summit, outlining steps towards a more integrated market by 2028.

(With inputs from agencies.)