The pathway to a prosperous, resilient, dynamic, innovative and democratic European economy lies in pursuing economic balance and diversity rather than monopoly, as highlighted by Max Bank and Olivier Hoedeman. The issue of waning competitiveness in Europe has become a major topic of discussion in Brussels, and it is expected to be a key focus of the next European Commission. Mario Draghi’s upcoming report on the future of European competitiveness is anticipated to shape the future direction of the EU. However, concerns have been raised about the lack of transparency in the development of this report, with industry representatives having significant influence in its formulation while many civil society organizations and government officials have been left out of the process.
The lack of accessibility and transparency in the development of the report has raised alarms within European civil society organizations, prompting an open letter to Draghi and European Commission President Ursula von der Leyen. The focus on industry-driven solutions, such as market consolidation in sectors like defence, energy, and telecoms, poses a threat to European consumers, workers, and small businesses. This approach could lead to increased market concentration, harming competitiveness and sacrificing important social, economic, and environmental objectives. The authors argue that prioritizing the interests of large corporations over the public interest is not a sustainable economic development strategy.
In order to ensure the legitimacy and support of the report by European society at large, Draghi and von der Leyen are urged to give civil society a greater voice in the report’s content and recommendations. This includes disclosing all meetings with interest groups and adopting a policy agenda that considers the broader public interest rather than the interests of corporate giants. It is emphasized that an economic strategy based on economic balance and diversity is key to achieving a prosperous, resilient, dynamic, innovative, and democratic European economy. By avoiding a focus on monopoly and instead promoting a more inclusive and diverse economic approach, Europe can better position itself for long-term success.
Max Bank and Olivier Hoedeman, as researchers and campaigners, stress the importance of transparency and inclusivity in the development of economic policies that will shape the future of the EU. By allowing for a more open and accessible process that considers the needs of all stakeholders, including civil society organizations, government officials, and industry representatives, a more sustainable and equitable economic framework can be established. Draghi and von der Leyen are encouraged to broaden the scope of their consultations and ensure that the voices of all relevant parties are heard in the decision-making process.
In conclusion, the authors assert that adopting a narrow policy agenda driven by the interests of large corporations is not the way to achieve a prosperous and competitive European economy. Instead, they advocate for a more balanced and diverse economic strategy that considers the broader social, economic, and environmental impacts. By prioritizing economic balance and diversity over monopoly, Europe can pave the way for a more resilient, dynamic, innovative, and democratic economy that benefits all stakeholders.
