EU ministers responsible for economic competitiveness discussed during a video conference organised by the Croatian presidency on Friday a common economic recovery plan after the pandemic and said that with adequate investments, industry can become the main driver of the EU's economic recovery.
The Croatian presidency organised the informal video conference with the aim of forming a clear plan to come out of the crisis at the national and European levels, while the conclusions adopted should help the European Commission in finalising its long awaited recovery plan, the Ministry of Economy, Entrepreneurship and Crafts said in a press release.
“The upcoming months will be crucial for restoring the EU’s Single Market and shaping the future of European industry. As the health crisis recedes, it is important to avoid an uncoordinated recovery, given the strong economic interdependence of the Member States of the EU,” said Minister Darko Horvat, who chaired the video conference. The meeting was also attended by European Commission Executive Vice-President Margrethe Vestager and the commissioner in charge of the internal market, Thierry Breton.
The talks focused mainly of the Joint Roadmap for Recovery presented in late April by the Presidents of the European Council and the European Commission. The roadmap consists of four key areas of activity: a fully functioning and revitalised Single Market, an unprecedented investment, global action and a functioning system of EU governance. It also sets out important principles, such as solidarity, cohesion and convergence, the ministry’s press release said.
Consensus was reached that the green transition and digital transformation will play a pivotal role in the efforts to revitalise and modernise the European economy. Investing in clean and digital technologies, in the context of a circular economy, should boost economic growth, improve the competitiveness of the EU industry and create jobs.
The ministers underlined that the current crisis has shown that European industry remains adaptable and resilient, it has also revealed vulnerabilities due to heavy dependence on third-country suppliers. Efforts should therefore be undertaken to reduce such dependence, especially in strategic sectors such as medicinal products and telecommunication components, the press release added.
In order to relaunch the economy, it is crucial to provide digital connectivity, fairness when it comes to a level a laying field between third countries and the EU, and securing resilience of the digital capacities in Europe, said Commissioner Vestager.
“We have to place focus on the industrial ecosystems because it is in our best interest to have a strong and competitive single market. The priority is to use this crisis to come out from it together, stronger and with one single idea on our minds: solidarity,” Commissioner Bretton added.
The common stance by today’s conference participants is that with adequate investment, industry can become a driver of the EU’s recovery.
Investment into recovery should provide the necessary incentive to the economy and at the same time boost green and digital transformation. It is important for that recovery to be directed towards the sectors most affected by the crisis and those presenting the greatest potential for innovation, growth and job creation, the press release concluded.
