ECR member Branislav Zacharides held a stakeholder consultation, gathering insights from industry, and an exchange of views with members of the ECON Commission on his opinion, “European Business Wallets.” 

“The European Business Wallets is a tool of particular importance for SMEs and start-ups, which often lack the administrative capacity to navigate the requirements of different regions and Member States,” said Mr Zacharides. 

While the Single Market is one of the EU’s greatest achievements, many barriers still remain. The Commission must therefore continue its efforts to reduce administrative burdens and promote the digitalisation of processes. The European Business Wallets proposal moves precisely in this direction, “aiming to simplify and reduce administrative burdens for businesses and drive digitalisation,” he added. 

According to estimates, the Business Wallets initiative could lead to substantial net savings of €134 billion for businesses—especially SMEs and micro-enterprises—while the public sector could save an additional €13 billion. It would enable a single digital identity and a single channel of communication between businesses and public administrations across the EU. 

In light of this, Mr Zacharides stressed the importance of “the cooperation and participation of local and regional authorities in designing and implementing the Business Wallets, to minimise fragmentation and ensure consistent application of the rules across the EU—without creating excessive administrative requirements.” 

“To boost our competitiveness, companies should be able to focus on building their businesses rather than navigating complex administrative procedures. In this regard, the proposal for European Business Wallets is a step in the right direction,” he concluded. 

The opinion will be adopted by the ECON Commission in April followed by plenary adoption in July.