Updated Industrial Strategy

Source: European Commission

On 10 March 2020, the Commission laid the foundations for an industrial strategy that would support the twin transition to a green and digital economy, make EU industry more competitive globally, and enhance Europe’s open strategic autonomy. The day after the new industrial strategy was presented, the World Health Organization announced the COVID-19 as a pandemic.

This update neither replaces the 2020 Industrial Strategy nor completes the processes launched by it – much of that work is in progress, and requires dedicated efforts. This is a targeted update, which focuses on what more needs to be done and what lessons need to be learned.

As a primary vehicle of innovation in the various ecosystems, small and medium enterprises (SMEs) need to be borne in mind in all actions under this Strategy. This is reflected in a horizontal manner by increased attention to regulatory burdens for SMEs. New actions will strongly benefit SMEs and start-ups, whether it be from a strengthened Single Market, reduced supply dependencies or the accelerated green and digital transitions. The Strategy also includes some measures dedicated to SMEs such as on increased resilience, combating late payments, and supporting solvency.

In its document, the  commission aims to set out by the third quarter of this year a strategy aiming to establish “global leadership” on standards for emerging green industries. It will assess whether it needs to amend its Standardisation Regulation to carry out a more “assertive” role abroad, the document adds, while a task force comprising commission officials and the European Standardisation Organisation will work on the swift adoption of “crucial” new standards.

The new document also provides new details on what it is considering as part of its ‘fit for 55’ package – now expected to be presented in July. 

The New European Industrial Strategy: Download here

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