1359 GMT - The EU faces criticism for not going far enough to deepen integration and cut red tape, even as the bloc pursues an industrial policy to boost competitiveness with the U.S., BBVA says. The Industrial Accelerator Act is currently under discussion in Brussels. The proposal attempts to reduce bureaucracy by adding new rules to an already over-regulated system, the Spanish bank adds. "Europe still lacks a single capital market, a European safe asset, a fully integrated energy system, and, most urgently today, the capacity for common action in defense and industrial policy."