After problems at Van Hool: what is going on with our industry? “I fear we are only at the beginning of a storm”

What’s going on in our factories? Not a week goes by without ominous news of impending layoffs. From bus builder Van Hool and car builders to chocolate manufacturers and textile and steel companies: they are all taking out the ax and chopping away jobs. “The storm that is brewing now will not subside anytime soon.” How did we get into this? And how do we get out again? Two economists answer.