Slovakia pushes for EU competitiveness in business sectors

On September 26, during a meeting of the EU Council for Competitiveness in Brussels, the Secretary of State of the Ministry of Economy of Slovakia, Vladimír Šimoňák, highlighted the renewed focus on the competitiveness of the European economy. This shift in attention was partly influenced by a recent report from Mario Draghi regarding the future of EU competitiveness. Šimoňák expressed satisfaction with the appointment of Slovak Euro-commissioner Maroš Šefčovič, who will oversee trade policy and economic security, both crucial for enhancing competitiveness. The Council of Ministers also finalized the law on emergency situations and internal market resilience (IMERA), which aims to address challenges faced during the COVID-19 pandemic. Šimoňák noted that while this legislation is a positive step, it is not a comprehensive solution for future challenges. The law is expected to help manage energy prices and mitigate unfair competition from large global players, thereby reducing the regulatory burden on businesses. Šimoňák emphasized the urgent need for the EU to tackle significant challenges, particularly in the automotive industry, which has been experiencing acute crises. He warned that without prompt action, the European automotive sector may struggle to maintain its identity and competitiveness in the coming years. This issue has gained prominence under the current Hungarian presidency of the EU Council, indicating a collective recognition of the need for strategic interventions. Overall, the discussions reflect a broader commitment among EU member states to revitalize the Union's global competitiveness, particularly for export-oriented sectors, ensuring that Europe remains an attractive business environment.