„We need a coordinated industrial strategy in Europe“
Mr. Ecke, what are the most important financial and economic policy tasks for the next five years?
The most important thing is to improve conditions for investment. This means ensuring regulatory stability, so that companies know the conditions under which their investments will be profitable. It also means promoting public investment while mobilising private investment, for example, through Capital Markets Union. Additionally, we need to reduce bureaucratic costs. And – we need a coordinated industrial strategy in Europe.
What do you mean by that?
Active industrial policy is strategic and investment-driven. It assigns an active role to the state, unlike a liberal industrial policy that calls for state restraint or a reactive industrial policy that seeks to support struggling industries. No – active industrial policy sets targeted framework conditions to pave the way for future-oriented industries.
How should this be done?
We don’t need to reinvent the wheel, because active industrial policy already exists, such as the Chips Act. The state selects certain industries and allows deviations from state aid or regulatory approval rules. Europe must respond to the fact that other economic blocs no longer adhere to the long-established rules. If the EU agrees that it needs to become more resilient, this also means that states must be able to support companies in critical sectors more actively – even when it comes to large corporations.
Are you advocating for a more lenient approach to competition law when big companies join forces?
No. Less competition does not automatically lead to greater competitiveness for the companies involved. However, certain sectors need stronger support. And in this regard, the EU must move away from a very orthodox position.
What is your main focus regarding Capital Markets Union?
We need a strong capital market to complement traditional bank financing. To achieve this, we must overcome fragmentation, by harmonising national insolvency rules, making it easier for investors to provide capital. Additionally, existing national financial markets need to be deepened. People must be willing to invest their money in the capital markets. Transparency and trust play a key role in this.
