Action, leadership, balance: shaping an EU industrial strategy that delivers for citizens

Striking the balance

So as we embark on a new legislative period, how can the EU fully enable its industries’ leadership? Panellists agreed that it will all come down to getting the balance right. First, Europe will need to balance calls for a more interventionist industrial policy with its commitment to the liberal market model – in particular the Internal Market that has served EU companies so well. For HAWE’s Karl Hauesgen this is “the big question policymakers have to face.” Yet it cannot be either/or, argued Pierre Delsaux: “You cannot have a real industrial policy without a real Internal Market.” Moreover, the EU will need to balance its commitment to free trade with the realities of a new geopolitical landscape – all while respecting our core European values, as MEPs Seb Dance and VP Heidi Hautala pointed out, highlighting the role of trade policy in bolstering Europe’s climate leadership.

Ultimately, success will depend on striking the right balance across all policy areas that impact Europe’s industrial competitiveness. Dr Norbert Schultes, Head of the Economic Department at the Permanent Representation of Germany in Brussels, put a fine point on it: “We need to shift away from a singular view that looks at individual policy areas, and instead move to a more integrated approach that includes internal and external dimensions.” And the driving motivation must be to deliver innovation and prosperity for Europe’s citizens, as Malte Lohan concluded: “The right industrial strategy will start by asking not what Europe can do for industry but what industry can do for Europe.”