"The initiative includes European Business Wallets, which the European Commission (EC) said will offer companies a single digital identity to simplify paperwork and make it much easier to do business across EU member states. Valdis Dombrovskis, commissioner for economy and productivity, said: "Today's proposal represents an important first step in our digital simplification agenda, aiming to create a more favourable business environment for European companies.""
"The proposals aim to reduce €5bn in administrative costs for compliance by 2029, while the European Business Wallets promises to unlock another €150bn in savings for businesses each year. Through the European Business Wallet, the EC plans to offer businesses a way to digitally sign, timestamp and seal documents. It is being positioned by the EC as a way to securely create, store and exchange verified documents, and to communicate securely with other businesses or public administrations."
"The AI Office is being empowered to provide centralised oversight of AI systems built on general-purpose AI models, which the EC said would reducing governance fragmentation. The timeline for applying rules to AI systems deemed "high risk" is also being adjusted to a maximum of 16 months. This is to start once the EC confirms the needed standards and support tools for the companies developing such systems are made available."
The European Commission proposed digital initiatives including a European Business Wallet to provide a single digital identity for companies to simplify paperwork and cross-border operations. Projected savings include €5bn reduction in administrative compliance costs by 2029 and €150bn annually from the Business Wallet. The Wallet will enable digital signing, timestamping, sealing, verified document exchange, and secure communication across member states. The EU AI Act will be simplified for smaller businesses, saving at least €225m per year, and an EU-level sandbox for testing is planned by 2028. The AI Office will centralize oversight for systems built on general-purpose models and adjust high-risk rule timelines to a maximum of 16 months.
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