Mario Draghi has an unexpected fan: Elon Musk.
Elon Musk, CEO of Tesla and owner of X (formerly Twitter), has thrown his support behind Mario Draghi, the former European Central Bank chief, for his recent call to reduce and simplify European Union regulations. In a report unveiled today, Draghi urged Brussels to assess and streamline existing rules at the start of each European Commission mandate to prevent European businesses from being stifled by overregulation.
Musk responded via X, saying, “Mario Draghi’s critique is accurate,” and advocated for a “thorough review of EU regulations to eliminate unnecessary rules and streamline activity in Europe.” He added that such a move would revitalize growth and enhance competitiveness.
Draghi’s report emphasized the need to simplify overlapping rules, especially in sectors where Europe faces stiff international competition. He also proposed the creation of a new position within the European Commission, a “Vice President for Simplification,” to ensure the process of cutting regulatory red tape.
Musk’s stance aligns with his known aversion to heavy regulation, particularly in the context of X’s compliance with the EU’s content moderation rulebook, the Digital Services Act. “Things should be default legal, rather than default illegal,” Musk remarked in support of Draghi’s recommendations.
