EU competition chief Teresa Ribera has repeated her opposition against the ongoing efforts to cut red tape. The Spanish left-winger said the EU was in a “race to the bottom” on deregulation and that Europe instead must defend its regulatory system more forcefully in order to remain globally competitive. She notes that the bloc’s green and digital agenda are “the main drivers of competitiveness”. “If we lose our identity, our values, the confidence of our people, we will not be in a position to negotiate anything or to bridge anything,” Ribera added. Most notably, she also pushed back against calls from industry to loosen merger control as part of an industrial strategy aimed at building “European champions”, particularly in sectors such as telecoms and banking.
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EU competition chief Teresa Ribera has repeated her opposition against the ongoing efforts to cut red tape. The Spanish left-winger said the EU was in a “race to the bottom” on deregulation and that Europe instead must defend its regulatory system more forcefully in order to remain globally competitive. She notes that the bloc’s green and digital agenda are “the main drivers of competitiveness”. “If we lose our identity, our values, the confidence of our people, we will not be in a position to negotiate anything or to bridge anything,” Ribera added. Most notably, she also pushed back against calls from industry to loosen merger control as part of an industrial strategy aimed at building “European champions”, particularly in sectors such as telecoms and banking.