Giorgetti Automotive: A Case Study in EU Policy Failures

EU Automotive Industry Faces Challenges: Minister of Economy Urges Greater Cooperation and Transparency in Trade Policies

In a speech at the Automotive Dealer Day in Verona, Giancarlo Giorgetti, the Minister of Economy, criticized the lack of implementation of industrial policies within the European Union over the past decade. He pointed out how regulation has been prioritized without considering its social and industrial consequences or providing companies with the necessary tools and resources to support them through transitions.

Giorgetti recognized the importance of decarbonisation and ecological transition objectives, but he emphasized that a comprehensive strategy is needed to achieve them effectively. He stressed that Europe must defend itself against competition from countries outside the European market, particularly those that offer subsidies to attract companies to establish production facilities elsewhere.

The Minister warned of an economic war characterized by protectionism and duties, with a geopolitical dimension at play. He questioned whether Europe is prepared to navigate this new historical phase and give strategic significance to its foundational pillars within the European Union.

In his speech, Giorgetti highlighted several challenges facing Europe’s automotive industry. He noted that there is a growing need for innovation and investment in electric vehicles and autonomous driving technology. At the same time, there are concerns about job loss due to automation and globalization.

To address these challenges, Giorgetti called for greater cooperation between governments and businesses. He urged companies to invest in research and development while governments should provide incentives for innovation and create policies that promote job creation.

Giorgetti also emphasized on the need for greater transparency in trade policies. He urged governments to work together to create rules-based trade systems that benefit both consumers and businesses alike.

Overall, Giorgetti’s speech highlighted several key issues facing Europe’s automotive industry today. While he acknowledged some progress towards decarbonisation, he also raised concerns about the lack of tools and resources available to support companies through necessary transitions. By working together more closely, Giorgetti believes that Europe can overcome these challenges and build a stronger future for its automotive industry.

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