EU 'on the brink of existential crisis', De Wever warns at European Industry Summit
"We are on the brink of an existential crisis," Belgian prime minister Bart De Wever warned in his closing speech at the European Industry Summit at the Antwerp Stock Exchange. On Thursday, EU leaders will gather at an informal retreat in Limburg, which will revolve solely around European competitiveness.
During his closing statement of the summit, De Wever focused on energy prices, competitiveness, dumping and regulatory pressure, which he said had pushed parts of European industry to the brink. Recent talks with industry leaders "were a cold shower", according to De Wever, who described the situation of European industry as "simply dramatic".
At the same time, he spoke of fresh "momentum" ahead of Thursday’s informal summit of European leaders in Limburg. He outlined what he called a "clear trinity of top priorities": Innovation, productivity and competitiveness. "If Europe wants to matter in the world, our industry must first matter to Europe," he said.
"If Europe wants to matter in the world, our industry must first matter to Europe"
Flemish minister president Matthias Diependaele struck a similar tone at the summit. In his address to industry leaders, he said European prosperity was "under severe pressure". "It is an uncomfortable truth that a comfortable future for us, our children and grandchildren is no longer a certainty," he said.
According to Diependaele, the challenges stem from Europe's declining competitiveness. "Our industry is the engine of our prosperity, and that engine is starting to falter." He pointed to growing uncertainty among business leaders, with investments being postponed or cancelled, often in decarbonisation and innovation.
EU leaders will have to assuage the industry's concerns in Alden Biesen tomorrow. The castle domain in Limburg will host EU leaders for an informal retreat focused on competitiveness. Mario Draghi, who guided the eurozone through the financial crisis as European Central Bank president, will also be present.
The Antwerp Declaration Community, comprised of more than 1,300 European companies, associations and trade unions, called on leaders to adopt "urgent and decisive" emergency measures to restore competitiveness and safeguard jobs.
"Europe is losing industrial capacity at a rate we have never seen before," said BASF CEO Markus Kamieth. "This is a structural trend in competitiveness that affects all manufacturing sectors. If Europe wants to lead the way in the 'clean transition', it cannot afford to lose any more of the industry that makes the transition possible."
#FlandersNewsService | © BELGA PHOTO JONAS ROOSENS
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