The European Parliament advocates a change in the EU's approach to industrial policy to help companies cope with the crisis and face the double transition to digital and green.

The new strategy should have two different phases, one focusing on recovery and the other on recovery and resilience. The first should focus on maintaining the smooth functioning of the single market, for the most part

recapitalization of the company, preservation of jobs and adjustment of post-COVID production to the "new normal situation". The second phase should aim to assist in the reconstruction and transformation of European industry by following the objectives of double-entry and

strengthening the EU's industrial sovereignty and its strategic autonomy, which requires a competitive industrial base and large investments in research and innovation.

MEPs stress that the new strategy should particularly help the EU achieve climate neutrality, reach a European green agreement, manage dual green and digital crossings, and

creating high quality jobs.

The strategy should include a strong social pillar addressing the social consequences of structural change and assisting severely affected regions in economic and social recovery.

Also, the importance of the European research-based pharmaceutical industry was emphasized in order to protect high-quality production and guarantee affordable medicines for all patients who need them. The plan needs to be reconsidered

to mitigate the risk of drug shortages.

Source: https://www.europarl.europa.eu/news/en/press-room/20201120IPR92128/meps-set-out-blueprint-for-a-new-industrial-strategy