Speaking at the Bruegel think-tank in Brussels today, Business Secretary and former EU Trade Commissioner Lord Mandelson set out what he sees as the challenges facing Europe.
Lord Mandelson spoke about Europe’s role in the world; how we need to get our economic, political and institutional act together, whilst outlining some new ideas on how the work of the European Commission could be reorganised, particularly in the wake of the economic crisis.
Hear the speech:
Lord Mandelson said:
“We are approaching a decisive break with the economic past – a totally reordered global economy. The idea that this doesn’t require serious new thinking in Europe is just not credible – it must be based based on new strengths and capabilities to enable us to compete in a much tougher global economy.
“We will either step into a meaningful role in a multipolar world, or make do with a walk-on role. Will we drive the agenda, or become a subsidiary of a process driven and shaped elsewhere, above all by the G2, meaning the US and China. We need policies and structures for this changed world. So it is time that Europe got real.”
Lord Mandelson offered a wide range of suggestions for refocusing EU policy around innovation and investment in growth, including:
- Refocusing the EU’s structural and research funds to support innovation.
- Potentially amending EU State Aid rules to boost growth in high-tech industries including low-carbon.
- Driving forward the benefits of a single market, especially by making open trade in services a reality.
- Rethinking some of the organisation of the European Commission to reflect the importance of innovation, the digital economy and climate change.
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