Free trade or fortress Europe? The battle for the soul of the EU economy
European leaders meet to address the bloc’s economic woes, reliance on China and US, and shielding key industries from protectionist policies
Seven years after European Commission President Ursula von der Leyen first proclaimed a “geopolitical Europe”, the meeting will be a crucial test of how far the bloc is willing to stray from its free-market chops following a year in which at times, it seemed to be the only one still bothered with the rules.
“We are changing our economic DNA. For decades we built our growth on open trade and global value chains,” said Dragoș Tudorache, diplomatic adviser to EU industry chief Stephane Sejourne.
“Today we have to step in much more, not just to facilitate and accelerate, but also to protect our industry from behaviours that erode our industrial base,” Tudorache told an event in Brussels last week.
The situation could scarcely be more pressing, with Europe scrambling to avoid being squeezed between the world’s two superpowers.