MOSCOW, November 7 (RIA Novosti) — The structure of governance of the EU's industrial policy has been historically weak due to which the union is unable to secure growth, a statement issued Friday by the EU's Economic and Social Committee (EESC) said.
"Europe's industry is vulnerable to open and accelerated on-going trends, including the intensity of global competition and the inadequacy of several policies decided both at the European and national level. The governance structure of EU industrial policy has been historically very weak," the statement said.
According to the committee, Europe will not be able to stimulate growth without a competitive industrial policy in force.
"The main role for the EU in industrial policy is to mainstream policy areas and to disseminate best practices accordingly," the statement stated.
The statement was published based on a forthcoming report by the European Policy Centre (EPC) titled "Towards a New Industrial Policy for Europe."
The EESC and EPC will hold a joint conference next week to address worrying questions regarding the union's industrial policy.