While focus has been on consolidating the eIDAS 2.0 regulation to provision digital identity for natural persons across Europe by 2026, the industry is also waiting for the EU to release a comparable framework for legal persons.
Ursula von der Leyen announced the European Business Wallet as a flagship initiative in the European Commission EU Competitiveness Compass 2025 on January 29, 2025. Also called the Competitiveness Compass, the Business Wallet will drive business “digitally” and “simply” around EU member states and build the interoperability between digital economies. The mandate outlines a strategic and clear framework on what is eventually expected of each countries’ infrastructure for the legal persons wallet.
Organisations, such as banks, also need a digital identity to verify other organisations in B2Business and B2Bank transactions as well as B2C.
Europe’s economy can only match the competitiveness of other continents if EU and national policies align in a greater framework like eIDAS 2.0 has achieved. The compass identifies five enablers which are: simplification, removing barriers in the Single Market, financing, skills and quality jobs, and better coordination.
Europe must address a persistent gap in productivity growth driven by “longstanding barriers and structural weaknesses”.
President of the European Commission, Ursula von der Leyen, said: “Europe has everything it needs to succeed in the race to the top. But, at the same time, we must fix our weaknesses to regain competitiveness. The Competitiveness Compass transforms the excellent recommendations of the Draghi report into a roadmap. So now we have a plan. We have the political will. What matters is speed and unity. The world is not waiting for us. All Member States agree on this. So, let’s turn this consensus into action.”
Read more on: The three core areas for action: innovation, decarbonisation and security
