How can Europe reap the benefits of a fast-changing global economy?
The new world economy
Europe’s industrial economy is moving towards full decarbonisation and is being reshaped by other mega-trends such as digitisation, servitisation of industry, mass customisation, greater circularity and resource efficiency. These transformations are already disrupting established markets, business models, consumption modes, and minds sets. And they offer great opportunities for European industry, as well as potential challenges.
Harnessing this transformation and managing its impact is one of the defining challenges of this generation.
The industrial innovation imperative
A strong focus on innovation is essential to enable Europe’s transformation to a competitive, decarbonised and socially just economy. But only a resolutely systemic approach to innovation that tackles all dimensions of industry will deliver. That is technological innovation, but also business models, governance, finance and mind-sets.
Public policies have a key role to play in enabling the process from incubating to scaling up industrial innovation that delivers economic value as well as decarbonisation for Europe.