Community Compass for the EU is a European Commission document that assesses Europe's competitiveness and proposes measures to improve economic growth and prosperity.

• EU competitiveness assessment: Europe has economic strengths, but lags behind other major economies due to low productivity and a lack of innovation. European companies are under pressure from high energy prices, regulatory burdens and a global level playing field.
• Compass Goals: Sets competitiveness as one of the guiding principles of EU action. The aim is to identify the necessary policy changes and develop new ways of working together to speed up and improve decision-making.
• Transformational imperatives:
  • Bridging the innovation gap: Supporting innovation, improving patent commercialization and supporting the growth of startups.
  • Joint strategy for decarbonisation and competitiveness: Aligning climate, energy, industry and trade goals and policies. Addressing high and volatile energy prices and promoting clean production.
  • Reducing overdependence and increasing safety: Diversifying supply chains, strengthening business partnerships and protecting against unfair competition.
• Horizontal enabling factors:
  • Simplifying the regulatory environment: Reducing bureaucracy and speeding up administrative procedures.
  • Taking full advantage of the single market: Removing barriers and fragmentation in the single market.
  • Financing competitiveness: Creating a savings and investment union and refocusing the EU budget. Mobilising private investment and improving access to risk capital.
  • Promoting skills and quality jobs: Investments in education, vocational training and retraining.
  • Better policy coordination: Policy alignment at EU and Member State level.

The Compass proposes a new approach to competitiveness that combines industrial policies, investments and reforms. The European Commission calls on the European Parliament, the Council and the social partners to support the Competitiveness Compass and to actively contribute to the implementation of the initiatives it contains. Spring