Our industries — and the millions of workers behind them — face unprecedented structural pressures: unaffordable energy, supply chain fragilities, unfair global competition, and the enormous investment needs of the green and digital transitions.

Our research shows that out of 20 key industrial sectors, only 2 – aerospace and shipbuilding (both linked to defence spending) remain in a relatively healthy shape. Investments are stalled and R&D is lagging behind. Meanwhile, once again windfall profits are being made by a few as a result of rocketing energy prices and geopolitical tension.

The social urgency is increasing. We receive reports of new job losses everyday. According to Eurostat data, 4.3m industrial workers are at risk, as companies have been hoarding skilled workers. In Italy, half of the autoworkers are in temporary measures. The cost-of-living crisis is far from over with real wages still lagging behind pre-Covid levels in many countries.

But there are siren voices promoting yet more austerity and deregulation.

Blaming workers for a crisis rooted in high energy prices, weak demand, and unfair trade is not industrial policy — it’s a dangerous distraction.
This situation is eroding workers’ trust in the possibility of a fair transformation, driving cynicism.

European business surveys consistently confirm that Europe does not suffer from external shocks because of too much regulation—it suffers from too little investment and demand. Draghi laid out the scale of investment needed.

The cost of inaction today is far higher than the cost of action, economically and socially. We risk accelerating deindustrialisation, deepening dependency and the loss of millions of good industrial jobs.

That’s why the Clean Industrial Deal’s promise must become reality at speed.

We strongly welcome the IAA and efforts to boost demand for European-made clean technologies, but these measures must ensure that investment—domestic or foreign — creates quality jobs, drives innovation, and brings real value to Europe. But Made in Europe is not a silver bullet.

Without fiscal power, industrial policy will remain hollow. Europe has shown through Next Generation EU that common financing works. We urgently need a strategic, long-term common investment plan for people, technology, and resilient industrial ecosystems:

• mobilising public and private capital at scale, with strong social conditionalities attached, including windfall profit taxes on fuel price profiteering
• strengthening Europe’s energy resilience, with emergency relief for workers as well as industry now in line with our long term strategy of energy efficiency, a circular economy and abundant clean power delivery
• and investing massively in workforce skills, innovation, and industrial capacity across all regions.

In times of extreme geopolitical turbulence, Europe must build internal resilience. That requires decisive investment and a brave, bold, strategic industrial policy. Now more than ever.