EU recovery fund should restore business confidence

Tomorrow, the European Commission will publish its urgently awaited European economic recovery plan.

BusinessEurope’s Director General Markus J. Beyrer said: “Businesses across the EU will be looking to the Commission to deliver an economic recovery plan that matches the size of the crisis. We need to ensure a rapid bounce back in the EU economy that protects employment and reduces long-term scarring to our business eco-system.

The plan must provide rapid support to investment in all branches of industry, with manufacturing and its services component as a core foundation for our economic prosperity.

In terms of the Commission’s long-term budget, investment in energy, environment, digital and climate technologies are key, while at the same time we must foster strategic value chains and support crucial industrial ecosystems, as they will play a central role in re-launching and modernising Europe’s economy.

A strong component on non-financial aspects like the re-strengthening of our Single Market is an indispensable element of a successful recovery strategy.

The European Semester must play a central role in ensuring that EU support is accompanied by member state commitment to implement sustainable growth and employment-enhancing structural reforms. Only this will allow to deliver long-term fiscal sustainability and upward convergence.”