Why is the European Parliament important for business?

The European Parliament holds significant importance for businesses operating within the European Union and beyond. With its role in shaping legislation, policies, and regulations directly impacting businesses and their operations, it serves as a crucial legislative body.

By co-legislating with the Council of the European Union, the Parliament influences various aspects crucial to businesses, necessitating close monitoring and engagement to stay abreast of potential regulatory changes.

Moreover, as a forum for dialogue on areas where the Parliament doesn’t have competence, it exerts considerable influence on the European Commission and offers businesses the opportunity to contribute to discussions and ensure their perspectives are considered in policymaking.

When and how are the European Parliament elections organised?

The elections will take place between 6 and 9 June 2024. These elections, regulated by national electoral laws and traditions, typically employ a closed list system. Voters  cast their ballot for a party and the candidates come from a predetermined list.

Each EU country has a set number of Members of the European Parliament (MEPs) based on its population, with additional seats allocated after the upcoming elections to various member states.

How do Parliamentarians make decisions?

MEPs operate within a structured organisational framework, primarily utilising the committee system. Committees specialise in specific policy areas and MEPs are assigned to these based on their expertise and interests.

Parliamentarians engage in detailed discussions, conduct hearings, and deliberate on proposed legislation. Plenary sessions serve as the final arena for decision-making, where MEPs debate and vote on legislative proposals, amendments, and resolutions.

What outcomes can we expect, and how will they affect business?

Foreseen in the 2024 EU elections is a significant shift towards, predominantly right-wing populist, anti-EU representatives. This shift is expected to reshape the power dynamics within the European Parliament, potentially affecting key policy areas such as sustainability and migration. Amidst this volatility, businesses must prepare for a dynamic geopolitical landscape, focusing on defence, crisis management and supply chain resilience.

What happens after the elections?

Following the elections, the incoming parliament nominates a candidate for the new President of the European Commission (see more here) and plays a role in selecting commissions (see more here). Candidate commissioners undergo hearings before parliamentary committees, providing MEPs and opportunity to influence the policy positions of the incoming Commission. After informal approval, the Commission College, including its president and high representative for foreign affairs and security policy, is approved by parliament.