Europe is open to business  

Good evening, everyone.

It is truly a pleasure to join you for your annual gala dinner. When I met you, Malte, and the rest of the Executive Council back in April, I emphasised the importance of maintaining regular contact.

Thank you also for making sure it came with such great hospitality.

I have a proper speech prepared, of course, for tonight. My message tonight is simple: that Europe is open for business. The European Parliament is simplifying, we are consolidating and we are working to see our transatlantic economy grow even stronger. We have our industry’s back.

Allow me to start by stating some facts: We are, first of all, the world’s largest single market. We have a highly skilled, highly educated workforce. Our unique blend of open markets and social safety nets is what makes us different, it is what makes us attractive. And your operations here are proof that it works. And yet, that doesn’t mean that we shouldn’t be honest to ourselves, about where we could do better.

I’ve met with a number of business and industry representatives over the past year, and I know the challenges you face. Fragmentation in our single market means that you sometimes need to navigate through 27 different national systems. And when it comes to reporting, you often find yourselves dealing with double - sometimes even triple - the paperwork. Last year, the CEO of a leading telecoms company in Europe told me that the vast majority of his board meetings are dedicated to compliance. And that, I think is not sustainable. 

That’s why, as President of the European Parliament, together with all the MEPs I see around the tables here today, we want this legislature to focus on strengthening Europe’s competitiveness. On building a Europe that is flexible, agile, that is able to adapt, that is unafraid to change or even reverse course if needed. A Europe that recognises that legislation - and we are the legislators, we are responsible for all the laws we vote on - must provide a stable, predictable framework for businesses to grow. That doesn’t keep revising its directives and regulations out of a lack of strategic vision or a knee-jerk reaction to every new challenge. 

Ultimately, I would like to see a Europe where bureaucracy is cut, where businesses see a return on their investments, where simplicity is a way of operating, engrained in our thinking, in everything we do. 

That one commitment that I wanted to share with you tonight. And I can also assure you that it is one that runs deep throughout our entire House. 

A year ago, - just exactly a year ago - voters elected a very new, very different Parliament. We’ve reformed. We’re much faster. We’re more decisive. And we’re more effective. 
 
You saw how quickly we were able to postpone certain corporate and sustainability reporting requirements - the so-called ‘Stop the Clock’ initiative, and the move to suspend penalties on the automotive sector. That is something the Parliament led. And I can tell you, something I would not have imagined when I first got elected into Parliament twelve years ago.

What are our next steps? Our next steps are now set on further simplifying the EU Carbon Border Adjustment Mechanism and examining the long-term implications of CSRD and CSDDD. 

Because as co-legislators, we understand the responsibility that we have, beyond anything else, to make things easier. Simpler. Smoother. If our continent is not the one that is able to break down barriers rather than put up new ones, to provide solutions and not to become part of the problem, then we are not doing our job well.

I was reminded of this again during the meetings I had with the US Chamber of Commerce and the New York Stock Exchange this week. The reality is, the difference in the US system isn’t simply about the depth of its capital markets. It is how seamlessly the entire ecosystem works together. From early-stage funding, to scaling-up and going public - every step is connected with clear and predictable pathways. It is a system that is designed specifically to channel capital efficiently into innovation and growth. It enables companies, in fact, to scale rapidly across a single, unified market. And it fosters a culture of entrepreneurship. 

That is the kind of coherence we really need to do business in Europe. 

And here let me say how pleased I am to see you continuing your tradition of supporting European start-ups through the AmCham EU Youth Entrepreneurship Award. I really like the fact that the winner will benefit from your mentorship. Because exchanging expertise, helping new ideas grow, creating real opportunities for young entrepreneurs is really the transatlantic partnership at its best.

Now, a lot has been said, and tweeted, about the United States and Europe over the past few months. And I’ve been in politics long enough to know that ultimately, each one of us will defend our own interests, in our own way. I understand that. And Europe will do that as well. To be clear.

But let’s not lose sight of the bigger picture. There is no greater alliance in the history of the modern world that has shaped so many lives and created so much prosperity. Our companies are connected as our way of life. 

Volkswagen builds cars in Chattanooga, Tennessee.
Michelin in Greenville, South Carolina. I’ve been there.
Bayer operates in Pittsburgh, Pennsylvania.
Airbus in Mobile, Alabama.

This is our transatlantic bond. What we mean by it. One that is practical, that is productive, that is real.

Your study on the Transatlantic Economy puts it plainly: together we create 16 million jobs, we account for half of global consumption, we generate 7.5 trillion dollars in annual commercial sales, and we represent one third of global GDP. So to me, the answer is clear. There are no more natural partners than we are to each other. 

And this is what me and my colleagues say when we meet with our US counterparts. What I said this week New York. I also met there with your counterparts in the European American Chamber of Commerce. But also wherever I go. I was in Ohio for the Dayton Accords commemoration, a few weeks ago, in Washington, DC. And everywhere that we go, the message that we give but also, frankly, what we receive is that tariffs are not the answer. 

Now in Europe, we fully agree. Our global economic philosophy has always been about open, free and fair trade that benefits everyone. Because we understand that is always preferable to some losing, and others losing a little bit less. I regret the recent decision to impose a 50% tariff on foreign steel and aluminium. But now is the time to be talking about trade deals, not trade disputes. That’s how both our economies have grown over the years. This is not the first conversation we had with the United States on tariffs. And that is the approach we should continue to take.

The same one - by the way - that we are also taking with other parts of the world. Recently, the European Union reached a new agreement with the United Kingdom. We’ve launched negotiations with the UAE and India, and just yesterday India’s External Affairs Minister, Mr Jaishankar, was in the Parliament speaking to members of the European Parliament, looking forward to the conclusion of another trade agreement between the EU and India. 

And that also builds on the fact that we’ve secured major trade agreements with Japan and Australia, and I remain hopeful that before too long, we’ll be able to do the same with the United States. Ultimately, a comprehensive trade deal should be the end-goal of our negotiations. Because that would truly be the win-win that would benefit all.

So let me recap: Europe is open for business. We know where we need to step up, where we need to go faster - and we will. That, you have our commitment. We will face the future with confidence. And when I look precisely to the future of our transatlantic relationship, I do so with a huge sense of optimism. Because I know, dear friends, that the best is yet to come.

Thank you.