"When former European Central Bank President Mario Draghi unveiled his landmark report into the continent's competitiveness, he wasn't just suggesting a new set of regulatory and investment reforms. He was also urging the EU's political leaders to work together and implement a more coordinated industrial policy, or risk falling even further behind China and the United States. The EU's goals are clear: to lead a policy of reindustrialization, remain an open continent trading globally, and decarbonize the economy-all of which will lead to new industries"
"Consensus, however, is not the same as execution, and the EU must tackle its weaknesses: simplification of its policies, more investment and support for faster innovation. Above all, Europe's ability to turn technical reform into reality depends on the willingness of its 27 members to act as one unit-the new agenda calls for removing national barriers and regulatory differences sector by sector."
""There has been a real change of mindset," explains Séjourné, who is positive the EU has what it takes to turn around. "Europe must return to global competition. And it will. There's now a real momentum of political and social acceptance to build a stronger internal market and regain competitiveness.""
Draghi's report called for a coordinated EU industrial policy to prevent Europe falling behind China and the United States. The EU aims to reindustrialize, stay open to global trade, and decarbonize, creating new globally competitive industries. One year later, political will remains uncertain. European Commission Executive Vice-President Stéphane Séjourné credits the report with a mindset shift and growing political and social acceptance for a stronger internal market. The EU must simplify policies, increase investment, and accelerate innovation. Successful implementation hinges on the 27 members acting as one and removing national barriers and regulatory differences sector by sector. The COVID shock exposed dependence on non-EU raw materials.
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