2019 was a year of change for Europe.
The European Parliament elections have come and gone, and a new Commission is due to be appointed in November or potentially December. Centrist politicians are losing ground to fringe groups. The trend toward a polarization of politics continues, with more ideologically extreme parties gaining real political clout for the first time. The deadline for the EU and UK to come to a deal on Brexit continues to creep steadily closer.
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.