How to boost European competitiveness

Three interesting and informative updates from the European Commission were published on 14 October: the Communication on "Industrial policy: Reinforcing competitiveness,"the yearly report on "Member States competitiveness performance and policies 2011" and the "European Competitiveness Report 2011." The joint message, as summarised in the press release, is that the European economy needs coherent and coordinated industrial policies from the Member States if it is to get back to a growth path. Whilst financial and fiscal stability are necessary preconditions for sustainable growth, they need to be complemented by the implementation of structural reforms and microeconomic policies enhancing the competitiveness of the EU economy and its long term growth potential. Drawing on the Communication and the two reports, a press Memo presents an abridged look at industrial competitiveness in EU Member States in the fields: innovative industry, sustainable industry, business environment and SME policy. It contains a brief update on the situation of each of the 27 member states. Among key areas of action, the importance of improving the regulatory environment of business (including efforts to reduce administrative burdens) and the need to further improve the Internal Market, are reaffirmed.