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Updated EU Industrial Strategy explained During the recent digital press conference to announce details of the updated EU Industrial Strategy, Valdis Dombrovskis, EU VicePresident and Trade Commissioner, put the strategy into context and explained the issues that influenced its contents. Here we reproduce extracts from his address, highlighting in particular the three primary factors that shaped the Commission’s thinking. “Over a year ago, we launched the EU Industrial Strategy, our blueprint for transforming our economy along green and digital lines. Then Covid-19 happened, the ensuing pandemic presenting unprecedented challenges. We witnessed a huge shock to our societies and economy. But we also witnessed the resilience and adaptability of Europe’s people and industry. “Now we are updating our industrial strategy, applying the knowledge we have accumulated during the pandemic, drawing on lessons learned and the available evidence. First of all, let me say that the main principles and actions of the 2020 industrial strategy remain fully valid. “So what has changed because of the Covid-19 pandemic? Three factors have influenced our thinking:
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• First, the pandemic has highlighted some fragilities in our Single Market when exposed to particular types of disruption; • Second, there has been a growing trend in many jurisdictions to analyse vulnerabilities in key strategic value chains. EU member states have asked the Commission to do the same; • Third, the business case for the green and digital transitions has become even stronger. The digital transition in particular was accelerated by the crisis. “The updated industrial strategy
responds to these factors. We put forward a Single Market Emergency Instrument, to deal with future crises like Covid-19. It is critical that, in tandem with the new instruments proposed, we continue to address long-standing barriers and restrictions to the good functioning of the Single Market. “I will give a couple of examples: • A perennial problem for SMEs is late payments, which even in good times put companies out of business. The problem has been made even worse by the crisis. So, in addition to reinforcing the monitoring of late payments, we will also try to shorten
Valdis Dombrovskis, EU Vice-President and Trade Commissioner.
19/06/2021 17:56
