The pathway to a prosperous, resilient, dynamic, innovative, and democratic European economy, according to authors Max Bank and Olivier Hoedeman, lies in pursuing economic balance and diversity rather than monopoly. The specter of waning competitiveness is haunting Europe, as discussions around this issue are prominent in Brussels. The upcoming European Commission is expected to prioritize competitiveness, and Mario Draghi’s report on the future of European competitiveness, set to be released in June, will have a significant impact on the EU’s future. However, concerns have been raised by European civil society organizations regarding the lack of transparency and access in the development of this report.
There are issues with Draghi’s approach, particularly in his speech on April 16 where he indicated support for market consolidation in sectors like defense, energy, and telecoms to improve Europe’s competitiveness in global markets. This approach would lead to increased market concentration in Europe, having negative impacts on consumers, workers, and small businesses. The authors argue that prioritizing the interests of large corporations over the public interest is not a sustainable economic development strategy and would ultimately harm European competitiveness. They call for greater involvement of civil society in the report’s content and recommendations and increased transparency in the decision-making process.
Draghi and European Commission President Ursula von der Leyen are urged to consider the broader societal impact of their policy decisions and to include a more diverse range of voices in the process. By allowing corporate giants to drive the agenda, Europe risks sacrificing important social, economic, and environmental goals in favor of monopoly interests. The authors stress the importance of pursuing economic balance and diversity to ensure a prosperous, resilient, dynamic, innovative, and democratic European economy rather than following a narrow and monopolistic approach.
It is essential for Draghi and von der Leyen to involve civil society stakeholders in the discussion and decision-making process to create a more inclusive and transparent approach to economic policy. By providing greater access and transparency, the legitimacy and support for these policies can be increased among European society at large. The authors highlight the importance of prioritizing the public interest over the interests of corporate giants to ensure a sustainable and competitive European economy.
In conclusion, the authors argue that the key to a prosperous, resilient, dynamic, innovative, and democratic European economy lies in pursuing economic balance and diversity rather than prioritizing monopoly interests. They emphasize the need for transparency, inclusivity, and a focus on the public interest in shaping economic policies to ensure long-term success and competitiveness for the EU. By involving a wider range of stakeholders in decision-making processes and promoting a more sustainable and equitable approach to economic development, Europe can navigate the challenges of waning competitiveness and build a stronger foundation for its future prosperity.
