Justice Minister Bence Tuzson said Europe "is in big trouble" and its competitiveness is lagging behind that of the US and China.
Speaking ahead of a conference entitled Legal Competitiveness – Instruments of Law for a More Competitive Europe and held in downtown Varkert Bazar on November 11 and 12, Minister Tuzson said the Hungarian presidency put competitiveness in the focus and saw legal and legislative work as of primary importance within that topic. The timing and structure of regulations are a fundamental factor in competitiveness, and it is important that the issue is addressed on a European level, he said.
Minister Tuzson lamented what he called the EU's "tunnel vision" when it came to legislation's impact on competitiveness. As an example, he pointed to the effect of GDPR on SMEs in the EU, saying they were at a competitive disadvantage compared with companies in third countries "to whom GDPR doesn't apply and so they can be more competitive".
Minister Tuzson said the EU is also behind in the areas of digitalisation and AI, adding that they would be an important tool in legal work.
"The EU still has a chance, but we are in the last minute" to catch up with competitors posing "an enormous global challenge" for the EU, he said, adding that the Hungarian presidency was working to facilitate that process.