At the Competitiveness Council press conference on 28 May 2026, Cyprus Presidency Minister Michael Damianos and Executive Vice-President for Industrial Strategy Stéphane Séjourné reported broad support for the Industrial Accelerator Act but acknowledged unresolved differences on sectoral scope and technical design. Damianos framed discussions under the 'One Europe One Market' vision, stressing that ministers linked competitiveness with trust, demanding safeguards on workers’ rights and anti-fraud measures for the proposed 28th regime. Séjourné emphasized convergence on core principles but noted that 70-80% of single market delivery depends on national reforms, implying a limit to EU-level action.
On chemicals, both agreed on coordinated action against high energy costs and unfair competition. Séjourné pointed to an upcoming ETS review in July to address sectoral relief, though he deferred final decisions on benchmark revisions, leaving the chemicals industry awaiting clarity on carbon leakage protection. On tourism, Damianos welcomed adopted Council conclusions but noted geopolitical vulnerabilities, a sector whose recovery remains exposed to external shocks. On EU-China relations, Séjourné firmly distinguished de-risking from decoupling, arguing Europe should shape its own narrative, a stance that balances trade openness with security concerns.
Next steps include further work on the Industrial Accelerator Act under the Cyprus Presidency before handover to Ireland, and a July ETS review. The main cleavage runs between those pushing for rapid, broad sectoral coverage to boost competitiveness and those demanding stronger worker safeguards and anti-fraud measures, reflecting a tension between market liberalization and social protection. For innovative firms, a swift Act could reduce regulatory burdens, while the chemicals industry faces uncertainty over ETS benchmark revisions that may affect production costs. The tourism sector benefits from Council conclusions but remains vulnerable to geopolitical risks. Member states, particularly those with large industrial bases, will need to balance national reform delivery with EU-level coordination.