European Industrial Strategy

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European Industrial Strategy

The Industrial Strategy for Europe, which was updated on 5 May 2021, aims to create the necessary conditions for resilience and recovery measures for the European economy after the COVID-19 crisis in line with a forward-looking economic and industrial policy.
Among other things, it includes a series of measures to contribute to a more resilient single market and measures to accelerate the green and digital transitions. It also proposes key indicators to monitor the competitiveness of the EU economy. The focus here is on small and medium-sized enterprises and needs-based financial support.
During the COVID-19 crisis, confidence in the single market was weakened. The crisis has also shown that the free movement of people, goods, services and capital is an indispensable European asset. The European Industrial Strategy also includes measures to make the internal market more resilient and less barrier-ridden in the future.

Objectives:

More sustainable and digital European industry A European industry that is globally competitive

To accelerate the EU's goals, transition measures must be put in place:

Creation of a coherent legal framework to realise the desired objectives

Supporting companies through better access to funding

Investment in further training and retraining of skilled labour

Some important suggestions are:An emergency instrument for the internal market to guarantee more transparency and solidarity and to avoid critical bottlenecks, especially for sensitive products
The implementation of the Services Directive and the removal of potential new restrictions on the free movement of services, a reduction in bureaucracy and greater legal certainty
Improved market surveillance of products by supporting national authorities in increasing capacities and digitalisation in the area of production controls
Investments to support SMEs
Open strategic autonomy is also to be strengthened in order to reduce dependence on third countries. It has been shown that more than half of the products analysed originate from China. These are mainly energy-intensive industries (raw materials) and healthcare ecosystems (active pharmaceutical ingredients).

The EU Commission is planning:

Expansion of industrial alliances (semiconductor technology, industrial data or renewable fuels)

Standardisation strategy to ensure interoperability between devices and services, remove barriers to trade and facilitate the implementation of new technologies and products.

Creation of a legal instrument to reduce the potentially distorting effects of foreign subsidies in the internal market.

Further information:

European Industrial Strategy - European Commission (europa.eu)