Industry proposes forward-looking measures for a competitive EU - Strengthening the single market - Innovations in security policy & labor market reforms
The Federation of Austrian Industries (IV) presents comprehensive recommendations for action to strengthen Europe's competitiveness in the run-up to the 2024 EU elections, focusing on a clear commitment to the European single market, which plays a key role as the heart of the European economy. "The aim is to dismantle trade barriers, simplify cross-border services and establish a genuine capital markets union in order to maximize entrepreneurial freedom and boost growth potential," says IV President Georg Knill.
Shaping the future: Economy, security, labor market and research in Europe
At a time of global uncertainties and economic challenges, a proactive and self-confident foreign trade policy is also necessary. The expansion of a strong network of trade agreements and a security policy perspective that includes the development of a Europe capable of defense are essential for securing the European model of democracy and prosperity in the long term.
The balance between economic performance and environmental responsibility is a key challenge for Europe. "Europe's industrial capacities are crucial to our economic future," explains IV Secretary General Christoph Neumayer. "That's why we need to tackle the excessive regulations and high energy costs that threaten them. A comprehensive review of the economic impact of the Green Deal is essential to protect our industry while fulfilling our environmental responsibilities."
The cross-industry skills shortage is being felt across Europe. The Federation of Austrian Industries (IV) is committed to effective measures for the recognition of qualifications and the removal of barriers to mobility in order to improve the availability of qualified workers. With regard to national labor markets, it is important to implement measures to increase the volume of work. "Promoting full-time work and creating incentives to work longer could not only increase productivity and economic output, but also generate additional taxes, which in turn could be invested in education and childcare," says Knill.
Europe is competing globally for technological leadership, particularly in key technologies such as artificial intelligence (AI), where the USA is investing significantly more. In order to catch up, a significant increase in the EU research budget to 200 billion euros is planned. This step is intended to strengthen research and technology development and increase Europe's attractiveness as a location for innovation. In addition, barriers to investment are to be removed and the Capital Markets Union expanded in order to facilitate access to equity financing for European companies and drive forward the development of future technologies.
"With these proposals, the Federation of Austrian Industries is advocating a far-reaching course correction in order to strengthen Europe as a competitive and sustainable location," said Knill. This should be a priority for the coming EU legislative period in order to tackle challenges and continue Europe's success story.
