How can Europe regain its competitiveness?
The EU economy should remain competitive. But is the Commission on the right track with its current Omnibus Package? Guests at the GDV discussion event on ‘Next stop simplification - the first omnibus’ in Brussels were given exciting insights.
From left to right: Florian Wimber, Head of European and International Affairs GDV, Dr. Christoph Jurecka, CFO MunichRe, and Anna Ketelsen, Attaché for Financial Services at the Permanent Representation of Denmark to the EU
It has been around a week since the Commission presented its first Omnibus Package of legislative measures to reduce and streamline sustainability reporting obligations. Last Thursday, Christoph Jurecka, CFO of MunichRe, and Anna Ketelsen, Attaché for Financial Services at the Permanent Representation of Denmark, discussed the proposed measures. The panel discussion was moderated by Florian Wimber, the GDV’s Head of European and International Affairs.
Both panellists agreed that the Omnibus Package represents a reversal of the EU Commission's previous direction of travel. In the proposed version, it has the potential to improve the EU's competitiveness substantially.
The discussion then centred on the specific approach of the first Omnibus Package, which envisages a reduction in sustainability reporting obligations. During the discussion, it became clear that it would not be easy to find a balanced solution for simplifying the frameworks concerned (CSRD, CSDD, Taxonomy). However, the Omnibus has the potential to advance the green transformation.
In principle, EU policymakers seem to find it easier to introduce new regulation than to abolish old rules. Looking to the future, an essential step is to carry out an in-depth impact assessment before introducing new regulation. This must be used to check whether the new rules represent real added value.
In the further course of the discussion, the enormous costs of preparing sustainability reports for companies were highlighted. The discussion also covered the need to avoid new excessive burdens in other current projects such as FiDA or the secondary legislation on Solvency II.
The Omnibus Directive to streamline sustainability reporting obligations and simplify the monitoring and compliance with due diligence obligations in supply chains is the first part of a series of legislative initiatives aimed at strengthening the competitiveness and resilience of the European economy. It is part of the initiative announced by Commission President von der Leyen to reduce reporting burdens by 25 per cent. The legislative package will next be discussed by the Council of the European Union and the European Parliament.
Anna Ketelsen is Attaché for Financial Services at the Permanent Representation of Denmark to the EU. She previously held various positions at the Danish Financial Supervisory Authority. Denmark will take over the rotating Presidency of the Council of the EU in the second half of 2025.
Christoph Jurecka is Chief Financial Officer (CFO) of MunichRe, the world's largest reinsurer. He has more than 20 years of experience in the insurance industry and is a member of the GDV Presiding Board.