Could a new industrial policy be the answer to the crisis gripping the Eurozone? In many economic circles, the debate on this issue is intensifying and some governments of industrialized countries – France, Japan, the United Kingdom and the United States in particular – are starting to look at industrial policy as a tool for stimulating growth and encouraging the creation of jobs Work. However, whether the state intervenes directly in the "governance" of the economy remains a rather controversial topic and attempts in this direction have not always had happy results, when they have not represented costly failures.
The East Forum underway today in Rome is a moment of discussion, in-depth study and synthesis on this issue, and brings together the most relevant voices in a session with a high scientific and institutional profile, to answer a series of questions, the scope of which is strategic for the entire world economy . What is the purpose and substance of a new industrial policy today? What have we learned from the past? What are the essential tools for an effective industrial policy? What structural obstacles need to be overcome to give new impetus to the industry so that it can be an engine for growth? Which approaches have been used in industrialized economies and which in emerging markets? What new policies are needed to foster innovation and growth in Europe?
Against the background of these questions, some fixed points remain very clear. The present phase of crisis must push us to rethink the growth model of our economies. The industrial and manufacturing sector are once again central to guaranteeing sustainable growth. In fact, the countries that have recorded the highest growth rates in recent years are those with a strong manufacturing sector, often supported by a mix of old and new policies that have however been able to give strength to the industrial sector.
It is therefore necessary ua new industrial policy that has a long-term vision and proposal capacity and a systemic approach – unlike the top-down one we have seen in the past -, and involves different levels of government (European, national, regional). That it also has a close link between the public and private sectors, where the credit industry can play its key role as partner in the many open challenges to be overcome.
Alongside this, maximum effort must be made on the road to innovation. As the “Innovation Strategy” of the OECD, partner of Unicredit in the organization of the East Forum, “Countries are facing an era of deep economic crisis and change. Industries are reeling, unemployment is soaring, and investment, which is vital to innovation and future growth, is at risk. Governments have poured billions of dollars into economic stimulus funds, but the hard work of rebuilding damaged economies has only just begun. The key to restoring sustainable growth is our ability to innovate. By investing smartly, governments can buffer the downturn, accelerate the recovery and lay the foundation for strong and sustainable growth.”.
A new industrial policy built on the tracks of innovation, therefore. Economic growth and innovation go hand in hand, especially in developed countries. Now more than ever, a clear vision is needed to express priorities and create the strategies that guide innovation policy.
But how is it possible to foster innovation in times of austerity? What are the main priorities that can inspire innovation strategies today? What tools should be used? How can we maximize the impact of R&D investments in the industrial sector? What funding can be mobilized to support the sector? These questions are also at the center of the East Forum debate, without forgetting one last aspect which, probably, is the basis of strategic choices of industrial policy and innovation stimulus that are effectively sustainable. The industry of the future must be "green", both in terms of product type and environmental and energy sustainability. This aspect, which represents a challenge within a challenge, is and must remain a fixed point in the agendas of the Governments and in all the road-maps that want to redesign the economic model of our planet.
