"Bureaucracy monster"

Pierer on new EU law: “The rest of the world is laughing”

KTM boss Stefan Pierer is President of the Federation of Austrian Industries in Upper Austria.(Bild: Harald Dostal)

The vote was postponed several times, but now the European Union's supply chain law has apparently been passed. Germany and Austria, among other countries, had reservations, but were outvoted. For Stefan Pierer, President of the Federation of Austrian Industries Upper Austria, this is a major blow.

"Supply chain law: Industry stood there Europe", was the subject of the press release with which the Federation of Austrian Industries reacted to the vote on the EU Supply Chain Act. "The bureaucracy monster Supply Chain Act is irresponsible and beats all previous over-regulation from the EU," it reads.

"Europe is finally regulating itself to a standstill"
Stefan Pierer is clear. The KTM CEO and President of the Federation of Austrian Industries, who had expressed his concerns about the supply chain law several times before the vote, is visibly dismayed by the decision: "Europe is finally regulating itself to a standstill. The EU Supply Chain Act cannot be administered by domestic companies and is irresponsible towards Europe as an industrial location."

High energy and personnel costs are already becoming an ever-increasing disadvantage for companies in international competition, emphasizes Pierer.

"Exploding overregulation"
The industry spokesman continues: "The over-regulation that is exploding with the law means a further loss of added value to America and Asia. Implementation in this form is a further turbo for the deindustrialization of Europe. The rest of the world laughs at Europe's self-imposed hostility and uses it to strengthen its own economy."