On the occasion of the Sixth Trilateral Business Forum which took place in Paris, the Presidents of MEDEF, BDI and Confindustria have signed a joint declaration representing the cry of common business alarm. The document is intended to urge the EU institutions and member states to act quickly to strengthen Europe's industrial base, promote innovation and ensure strategic autonomy.

European companies urged the EU and its Member States to undertake Catch-up Tests: within one year, the results of key European policies should be systematically compared with those of the US in critical economic sectors and, if necessary, adjusted.

The joint declaration indicates to European legislators the four key priorities for companies within one year:

1. For increase the competitiveness of European industrya technology-neutral approach should be taken in all initiatives: it is time for the EU to support all low-carbon technologies, including nuclear energy, renewables, low-carbon gases and hydrogen. Harmonised support under the Clean Industrial Deal, EU-ETS and financing mechanisms will also enable various low-carbon solutions to contribute to Europe's green transition.
2. In order to reduce bureaucratic and compliance costsAll relevant regulations must be reviewed: the EU Member States have introduced significantly more legislation than the US, further complicating an already fragmented market. These differences are one of the main causes of the divergence in competitiveness between the EU and the US.
3. For accelerating innovation, we need to start increasing R&D investment to 3% of GDP: to achieve this, Member States and EU institutions must be ready to reallocate resources, including funds from the Multiannual Financial Framework (MFF), to support cutting-edge technology development across the EU.
4. For facilitating European investmentswe need to start unlocking the EUR 800 billion identified in the Draghi report: the EU and Member States need to strengthen the competitiveness of the corporate financing ecosystem through the Banking and Capital Markets Union within a year. Strong public investment is also needed at national and EU level. The EU should develop a competitiveness-oriented Multiannual Financial Framework (MFF) and more efficient financial instruments. In addition, the financing of European public goods should also be partly pursued through EU debt instruments.

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