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German Chancellor Merz admits: Both Germany and Europe have wasted incredible potential for growth in recent years by dragging their feet on reforms and by unnecessarily and excessively curtailing entrepreneurial freedom and personal responsibility. We must substantially reduce bureaucracy in Europe. The single market was once created to form the most competitive economic area in the world. Instead, we have become the world champion of overregulation. That has to end.

German Chancellor Merz admits: Both Germany and Europe have wasted incredible potential for growth in recent years by dragging their feet on reforms and by unnecessarily and excessively curtailing entrepreneurial freedom and personal responsibility. We must substantially reduce bureaucracy in Europe. The single market was once created to form the most competitive economic area in the world. Instead, we have become the world champion of overregulation. That has to end.

Seems like many do not fully understand this piece of legislation. It basically says that all EU-based companies (already a given) and ALL foreign (non-EU based) companies doing business with the EU must adhere to EU rules in all global operations or they will be fined up to 5% of their total global revenues. "Companies must adopt and put into effect a transition plan for climate change mitigation aligned with the Paris Agreement and the 2050 climate neutrality objective, including intermediate targets under the European Climate Law." (via EU Commission)