The European Parliament is calling for a new industrial strategy adapted to the corona crisis

The European Parliament is calling for a new industrial strategy adapted to the corona crisis

MEPs in Brussels supported a change in the European Union's approach to industrial policy. The aim is to help European businesses cope with the corona crisis and cope with digital and environmental changes. The report, which was voted in favor by 486 Members, 109 against and 102 abstentions, calls on the European Commission to present a revised industrial strategy.

The new strategy should have two different phases

According to MEPs, the original strategy, published in March 2020, coincided with the start of the COVID-19 pandemic and preceded the development of a corona crisis recovery plan, which means borrowing € 750 billion from financial markets to rebuild, resilience, modernize and green the European economy, and society. At the call of the European Parliament, the new strategy should already include a phase of "recovery" from the corona crisis, address the transition to a digital and environmental economy, and focus on strengthening industrial sovereignty and strategic autonomy. According to MEPs, the new strategy should have two different phases - one focusing on reconstruction and the other on reconstruction and strengthening resilience. The first phase should focus on maintaining the smooth functioning of the single market, recapitalizing businesses affected by the corona crisis, saving jobs and adapting production in times of crisis. The second phase should focus on helping to rebuild and transform European industry by pursuing the objectives of the double transition - digital and green - and strengthening the Union's industrial sovereignty and strategic autonomy, which require a competitive industrial base and large-scale investment in research and innovation.