EU Competitiveness Council: Industrial Accelerator Act Debated, Tourism Strategy Adopted

The EU Competitiveness Council (Internal Market and Industry configuration) met on May 28 in Brussels. Ministers formally adopted Council conclusions on building a sustainable and competitive European tourism sector, recognising tourism's contribution of 7% of EU GDP, 10% of jobs, and 4.6 million businesses. The main legislative debate centred on the Industrial Accelerator Act (IAA) — a flagship Commission proposal to raise EU industrial output to 20% of GDP by 2035 through streamlined permitting, 'Made in EU' low-carbon procurement preferences, and enhanced controls on foreign investments in strategic sectors. A clear majority of ministers expressed support for the IAA's goals, with several raising concerns about potential Single Market fragmentation from the 'Made in EU' preferences. Ministers also debated the '28th regime' — a proposed EU Inc. corporate legal framework allowing businesses to register under a single EU-wide legal form, bypassing different national company laws.