Businesses Call for Fresh Political Engagement to Renew Economic Integration in the Single Market
In the wake of the economic fallout created by the Russian invasion of Ukraine, rising energy prices, the ongoing COVID pandemic and Brexit, the time is ripe for the renewal of European integration. This is the best way to generate economic growth, secure employment and promote social inclusion for future generations.
On top of being one of the pillars of peace and prosperity, the Single Market is the bedrock of the EU economy and the foundation upon which many of the EU’s current objectives are being built. It is instrumental to our ability to absorb external shocks, leverage geopolitical power, strengthen open strategic autonomy, drive recovery and deliver on the green and digital transitions. The business community recognises its own responsibility and fully embraces the constructive contribution it can make to address the current challenges.
Retailers working hard to help consumers in a time of high inflation
With the latest Eurostat survey[1] showing inflation in the eurozone reaching 8.1% and likely to rise in the coming months, consumers are being hit by higher prices and higher energy costs while retailers face higher operating costs and rising prices for the products they buy in. Commenting on a new economic study by INSEAD[2] giving further evidence on how buying cooperation can bring about price reductions for consumers, EuroCommerce Director General Christel Delberghe said:
“Retailers have been doing all they can to cushion consumers from the impact of increases in commodity, energy and other product prices, but with narrow margins of typically 1-3%, they can only do so much to absorb price increases imposed by their suppliers. Numerous studies have shown the value of retail alliances in offering high-quality products at affordable prices, and improving customer choice while not restricting competition. A study released today by INSEAD reinforces earlier studies’ findings that international retail alliances lead to a significant reduction in consumer prices. Being a member of an alliance operating in a properly functioning competitive market enables retailers to pass on the benefits to their customers. In the case of the study, this meant consumers paying 12% less for a wide range of everyday products”.
[1] Eurostat eurocindicators - https://ec.europa.eu/eurostat/documents/2995521/14636256/2-31052022-AP-EN.pdf/3ba84e21-80e6-fc2f-6354-2b83b1ec5d35
[2] INSEAD - International Retail Buying Groups: A Force for the Good? The case of AgeCore/EDEKA https://sites.insead.edu/facultyresearch/research/doc.cfm?did=69325
Joint business statement on Responsible Private Funding of Litigation
Read moreOur organizations, Airlines for Europe (A4E), AmCham EU, BUSINESSEUROPE, DIGITALEUROPE, DOT Europe, EFPIA, EUROCHAMBRES, EuroCommerce, European Banking Federation, European Justice Forum, InsuranceEurope, MedTech Europe and U.S. Chamber Institute for Legal Reform, support fair and balanced civil justice systems with effective enforcement of claimants’ rights. The EU should work to promote access to justice while at the same time protecting all parties from opportunistic litigation, increasingly fuelled by third party litigation funding (TPLF).
TPLF allows private financiers, like investment and hedge funds, to sign confidential deals with lawyers or qualified entities to fund lawsuits and arbitration in exchange for a cut of any settlement or judgment/award. TPLF is an estimated €40 to €80 billion market globally. There are more than 100 litigation funders operating in Europe, yet TPLF is largely unregulated in the EU, unlike other financial and legal commercial activities. Private TPLF is not meant to be a public service, and funders can in fact decline to back cases, even meritorious ones, if they do not offer a sufficient financial return.
World Food Safety Day: EU Agri-food chain’s commitment to safer food for better health
Read moreWorld Food Safety Day is an important way to raise awareness of the need to prevent, detect and manage foodborne risks. To mark the fourth World Safety Day today, CELCAA, Copa-Cogeca, EuroCommerce, FEFAC and FoodDrinkEurope want to reiterate their strong commitment to delivering safe food to consumers in Europe and all around the globe. Food safety is essential to human health and well-being, a crucial component of food security, a prerequisite for the achievement of the Sustainable Development Goals and a truly cross-cutting area.
COVID-19 and the Ukraine crisis have shown us how important the EU Agri-food chain is and how essential it is to minimise disruptions in the food supply chains, as consumers must have reliable access to safe food. The provision of safe food is a responsibility carried by all partners in the food supply chain, from farm to fork. Equally, safe feed is a prerequisite for safe food of animal origin, and an integral component of global food safety systems.
"The Narratives"
EuroCommerce Narrative on Retail and Wholesale in a changing world…
The world is changing rapidly. Retailers and wholesalers have repeatedly shown how resilient and adaptive they are, and are moving ahead with embracing this change, providing value to customers, suppliers, and society at large. This great story is worth telling – both to the sector and to the wider world. And the story needs to say clearly what we want from the EU and from national governments to make our sector sustainably competitive.
