Europe’s increasing instability risks both the European and the global economy. To secure growth and prosperity in our region, European leaders must act in concert in the best interests of their citizens. It is especially important that confidence in the Eurozone is restored.

The chief executives of the ACEA members met, today, in Brussels for a scheduled board meeting of the association. A substantial delegation of CEOs then participated in a meeting of the CARS21 High-level Group, hosted by European Commission Vice President Antonio Tajani (DG Industry & Enterprise). The CEOs used this opportunity to stress the importance of securing Europe’s economic future and enhancing the prospects for its peoples.

Europe’s future

In its fifty years of existence, the European Union has made impressive progress in improving the region’s global competitiveness. The Union has created a single market, removed border restrictions, lowered administrative hurdles, promoted greater efficiency in business and established Europe as a major economic block in the world. The Euro has further spurred economic activity across the Union and anchored Europe's position on the global stage. 

The stability of the European economy, however, is increasingly threatened by the persistent differences within the Eurozone. There is an urgent need for leadership and action to solve the Eurozone’s problems, most notably the sovereign debt issue. The region’s economic and fiscal governance must be improved and appropriate support mechanisms put in place. Deficiencies that were not addressed at the time of the creation of the euro must now be dealt with swiftly and decisively. 

Industrial policy

Europe’s economic recovery and the region’s ability to cope with renewed instability will to a large extent depend on the continued resilience of its manufacturing industries. A sound economy needs a robust manufacturing base, as that is where many jobs are provided and future growth secured. The automobile industry, in particular, is a strategic sector for Europe and this position must be reflected in the Union’s industrial policy, as well as in its trade relations and transport policies.