BRUSSELS – A month before the European Parliament elections, many of Europe’s industries are fighting to survive. But rather than make the difficult decisions needed to reverse the European Union’s industrial decline, leaders have often settled for the status quo. Some populist leaders even oppose plans to modernize Europe’s industrial base – effectively deceiving the public in the process.
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Eric Posner points out that optics, more than the law or the facts, will be what matters most for the election.Europe’s manufacturing sector has faced a series of unprecedented challenges in recent years. The COVID-19 pandemic and the Ukraine war laid bare Europe’s reliance on others for critical goods and dealt serious blows to manufacturing by disrupting supply chains and triggering energy and cost-of-living crises.
The embrace of short-termism by corporations – reflected in their preference for dividends and share buybacks........