Omnibus: Parliament needs stability, business needs predictability

Today the leaders of the EPP, S&D, Renew Europe and Greens groups in the European Parliament succeeded in finding an agreement on a working method for the upcoming work on the "Omnibus" simplification package which revises EU reporting and due diligence rules. They also agreed to vote together in favour of the so-called 'stop-the-clock', which postpones the application of the rules as they are being re-opened.

Valérie Hayer (Renaissance, France), president of Renew Europe said: “We welcome that an agreement has been crafted by the political centre. Renew was a unifying factor, keeping the talks alive. The European Parliament as an institution needs a stable governing majority. Our group acts as an anchor for the centre.”

Pascal Canfin (Renaissance, France), who will negotiate the omnibus file in the legal affairs committee added: “The European Parliament needs stability and so do European companies. Today the four pro-European groups will vote the “stop-the-clock”, as proposed by the Commission and endorsed by the Council last week. Not voting the stop-the-clock would mean that around 40,000 companies would be in the dark as to what information they’d have to collect this year and declare in their management reports next year. This would be adding uncertainty in an uncertain world. Yesterday, Trump slapped the world with arbitrary tariffs. Supply chains will be disturbed. Prices will become more volatile. The least European lawmakers can do is to give companies a predictable and clear regulatory landscape.”