In times of fast technological progress, and a fast-changing political and economic context at the global level, Europe must be ready to face the impacts of these changes and support its industry. With half of European business in global value chains, this should be done, not by becoming inward-looking, but by creating the conditions for industry to adapt quickly and anticipate future trends.
This important topic was discussed during a breakfast event at the European Parliament on 6 September. “We do acknowledge that a number of initiatives have been taken by the European Commission on industrial policy. But more ambitious work is necessary to develop a horizontal and integrated EU industrial strategy that can steer positive change without hurting our industry”, said Markus J. Beyer, Director General of BusinessEurope.
The EU policy-makers must steer the change. At the same time, sufficient time must be allowed for EU industry to develop its own capacities. Unintended consequences may also come along, such as the EU market being overtaken by non-EU competitors, or job losses. These must be properly managed by a horizontal and integrated EU industrial strategy that at the same time develops a vision for the future based on an innovative and modern EU industrial base.
Read our views on a renewed industrial strategy