The 2024-2029 EU institutional cycle is taking place at acritical juncture of challenge for Ireland and Europe. The global economy is in a turbulent period of rapid and accelerating change. Geopolitical tensions are continuing, global competition is intensifying and protectionism is increasing.
Business investment is being impacted by significant changes in how governments compete for major industrial energy and manufacturing projects. The US with its Inflation Reduction Act (IRA) and China’s investment in export industries means that key global economies are subsidising industries more than in recent decades. The focus on strategic sectors for the digital and green transitions is resulting in market distortions and new trade disputes. The EU is considering a more interventionist industrial strategy moving towards the approach of the other two major economic blocs, with knock-on risks to the coherence of the EU Single Market.
In addition to this challenging global context, the 2024-2029 period will involve significant adjustment and transition for Irish and European business and society as landmark new legislation is introduced and implemented. Businesses are grappling with this new legislation, unprecedented in complexity and scale, as it begins to enter into force across a range of policy areas, notably on sustainability and digital policy, alongside other horizontal and sector-specific measures. For employers, significant new EU social and labour market policies are also being introduced concurrent with a range of new social policies at national level. At the same time, businesses face substantial energy and cost competitiveness issues, while the EU’s ambition for worldleading standards continues at pace.
The EU is central to our ability to meet these challenges and achieve future success, as business and as citizens. The new EU political cycle for 2024-2029 is an opportunity to help shape that future. An opportunity to strengthen the EU for business and citizens and ensure that it meets the needs of small as well as large member states.
To strengthen the EU and react to the challenges facing business and society, we need to put competitiveness at the forefront. The strength of the European economy and its ability to deliver for its people depends on the success of businesses, large and small. This will determine our ability to grow and prosper, trade internationally and attract investment, provide job opportunities, enhance living standards, transition to a sustainable and digital economy while remaining competitive, and generate the resources needed to improve public services and infrastructure. It will also determine our ability to set and implement ‑regulatory standards. An EU focus on security must be matched by commitments to innovation and economic openness.
This Ibec paper sets out the vision and key policy priorities of Irish business for the new EU political cycle 2024-2029, including Ireland’s Presidency of the Council of the EU in the second half of 2026. The renewal of the EU institutions and Ireland’s Presidency offer opportunities to strengthen our influence and to realise our vision for the EU. Our vision is for an EU that is focused on competitiveness, that unlocks the potential of the Single Market, that concentrates on EU added value, and that renews its commitment to openness. We want a more competitive EU that is a global leader in digital and AI transformation, supports innovation, leads in clean energy and is sustainable into the future.
