EU proposes procurement overhaul to favor European firms, cut red tape

The European Commission proposed new public procurement rules creating an EU-wide platform to reduce bureaucracy and allow member states to exclude bids lacking European content. This marks a further step in the EU's push to bolster supply-chain resilience and industrial competitiveness, following warnings from former ECB President Mario Draghi. The proposal signals a shift toward protectionist procurement, potentially affecting foreign suppliers and trade relations.