2019 is a year of change for Europe.
Expected changes include the European Parliamentary elections in May and the appointment of a new Commission around November. Then there are the more unexpected changes. This is the unpredictable bit. The dynamic of what is known as the Brussels Bubble could be about to burst. European populism has gained momentum since 2014. With an anticipated 70% of MEPs due to be replaced, how Brussels does business could be about to change considerably. Meanwhile, Brexit continues to confound.
Why does it matter?
The EU is the biggest player on the global trading scene. The EU’s GDP was $16.5 trillion last year according to the IMF, representing 22.8% of the world’s total. As the world’s largest single market, its Members account for 16% of world imports and exports and it is the world’s biggest export market for around 80 countries.
At the same time regulations and standards developed in the EU such as the General Data Protection Regulation (GDPR) and chemicals legislation (REACH) have an impact far beyond Europe’s borders. This influence is set to increase as the EU is making a concerted effort to export its standards around the world.
Are you ready?
With up to 60% of national legislation emanating from Brussels, being informed and prepared will be essential for any company doing business anywhere in the EU. FTI Consulting in Brussels is here to guide you through every step with informed insight and analysis.