In view of the numerous crises, EU Industry Commissioner Thierry Breton expects far-reaching changes in the global economic system. According to the speech manuscript that had been distributed in advance, he believes that we are experiencing the end of an economic era on Monday in Eindhoven.
The long-standing belief in production processes tailored to tight time windows, geographic specialization and long supply chains is outdated. “We now have plenty of experience with global supply chains being disrupted by the Chinese policy of isolation, the war in Ukraine and export restrictions by our international partners,” said the French politician.
World politics has become very fragmented within a very short time, China is increasingly dominant, and the pressure on democratic values is growing worldwide. At the same time, one finds oneself permanently in crises. He cited the corona pandemic, climate change and Russia’s war of aggression against Ukraine as examples.
In order to be in a better position compared to other players on the world stage, new tools are needed. During the corona pandemic, for example, it was only possible to negotiate with trading partners like the USA from a position of strength after the introduction of an export control mechanism. The United States had previously blocked supply chains for vaccine production. (dpa)