Abstract
A new growth strategy for the European economy should be based on the following principles: ‒ new production must be driven by the internal demand for investment and consumption, both private and public, and not only by exports, given an increasingly fragmented and declining global market, ‒ industrial policies and the companies should be tightly embedded in the various regions and cities of the European territory and aim to respond to the emerging and still latent needs of the citizens and to a better environmental quality and quality life of the citizens. ‒ the reconversion from productions to new productions, where the demand increases, require a greater effort in not only technological innovations, but also organizational, social and institutional innovation, based on improved education of the workers and on networks of collaborations between companies, universities, public administration and communities of citizens.
Highlights
Covid 19 and Impacts of Lockdown RestrictionsThe shock of Covid has a very different impact on the various local communities, on the various tertiary and industrial productions and on the various companies
A new European industrial strategy should generate new productions leading to a diversification of the economy and to a medium-long term increase of the GDP and it should be oriented to respond to the expected market demand by the users of these specific productions
The new European industrial strategy proposed in this article is different from the traditional industrial policy, which focuses on the growth of the production in specific technologies and manufacturing sectors without taking into account the demand of the same productions and their interdependence with social, territorial, and environmental dimensions
Summary
The shock of Covid has a very different impact on the various local communities, on the various tertiary and industrial productions and on the various companies. The European Union must use monetary policy or public budget policy, and a third and tightly complementary instrument of economic policy This instrument may be called a “new European industrial strategy”, aimed to orient the investments of private companies (with loans, grants, public equity participations and public investments) towards new strategic productions, which can diversify the European economy and respond to the emerging needs of European citizens. The “New European Industrial Strategy” consider the manufacturing sectors in a strategic perspective for the economic growth, and respond to the new needs for a better wellbeing of the European citizens, for a sustainable environment in the various regions and countries in Europe
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