At the Competitiveness Council press conference on 28 May 2026, Cyprus Presidency Minister Michael Damianos and Executive Vice-President Stéphane Séjourné reported broad support for the Industrial Accelerator Act but unresolved differences on sectoral scope and technical design. Damianos framed discussions under the 'One Europe One Market' vision, noting that ministers linked competitiveness with trust, demanding safeguards on workers’ rights and anti-fraud measures for the 28th regime. Séjourné emphasized convergence on core principles but acknowledged that 70-80% of single market delivery depends on national reforms.
On chemicals, both agreed on coordinated action against high energy costs and unfair competition, with Séjourné pointing to an upcoming ETS review in July to address sectoral relief, though he deferred final decisions on benchmark revisions. On tourism, Damianos welcomed adopted Council conclusions but noted geopolitical vulnerabilities. On China, Séjourné firmly distinguished de-risking from decoupling, arguing Europe should shape its own narrative. Next steps include further work on the Industrial Accelerator Act under Cyprus before handover to Ireland, and a July ETS review.
Affected stakeholders include innovative firms (potential beneficiaries of streamlined rules), the chemicals industry (facing energy cost pressures and ETS adjustments), the tourism sector (geopolitically exposed), and EU member states (responsible for national reforms).