the eu must urgently lower energy prices and ease regulations to stop industry fleeing the continent european businesses said on monday as brussels prepares plans to stimulate the green economy the european union is racing to make europe more attractive for the companies that could be tempted by massive us and chinese subsidies and lower energy costs this week the european commission the eus executive arm will present plans to reform europes electricity market to boost the green transition and guarantee the supply of critical raw materials but businesseurope the eus main business lobby group said brussels efforts were insufficient and too slow the risk of deindustrialisation in europe is real warned markus beyrer director general of businesseurope many companies are already partially or totally relocating their production outside europe said businesseurope which represents employers associations from 35 countries the commission on thursday loosened state aid rules for companies in sectors that help reduce carbon emissions as part of its response to subsidies offered elsewhere businesseurope however called for more action including cutting taxes on energy and keeping them low to reduce businesses bills policymakers should not be fooled by  declining energy prices beyrer said adding they will remain higher than for our main competitors the business lobby might be expected to demand cost cuts but some real world impact of the problem has already been seen german chemical giant basf said in february it would close several units in germany because of high energy prices affecting competitivity in europe beyrer also pointed to tougher regulation as their top problem after high energy prices according to a recent survey of its members for 2023 alone the european commission plans to table 43 new policy initiatives on top of already 116 pending proposals  an increasing number without a proper impact assessment beyrer added the regulatory burden pushes companies and investments away from the continent and harms europe as a place to do business he warned