European industry – The strong backbone of the economy
Manufacturing industry is, and will remain, the growth engine of the European economy. Companies integrated into an EU-wide network are proving particularly competitive. These are the conclusions of a study conducted by the Cologne Institute for Economic Research (IW) presented in Brussels today.
"Manufacturing industry is the hub around which value-added chains in Europe are organised," says IW director Prof. Michael Hüther. According to Prof. Hüther the study, entitled “Manufacturing in Europe – A growth engine in the global economy," shows that there is more competitiveness in the EU precisely because of the closer cooperation between companies and the greater amount of joint economic activity between sectors and across borders.
EU industrial policy must take this more into account, Prof. Hüther argues, with special emphasis being given to the creation of open markets, improvement of trans-European infrastructure and the establishment of platforms where EU business can network more easily. "Additionally, Brussels must give industrial competitiveness considerably more priority in all policy fields."
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