Europe still has significant industrial assets but must act with speed and scale to maintain competitiveness against Asia. The Eurozone manufacturing PMI reached 52.7 in August, its highest level since May 2022, with factory output growth at a four-and-a-half-year high. Structural challenges persist however: energy costs remain structurally higher than elsewhere, capital markets remain fragmented, and a washing machine is subject to at least ten different pieces of EU legislation. The Clean Industrial Deal and other initiatives must transform into practical instruments delivering investment and competitiveness at the speed required by current geopolitical realities. Europe can no longer afford to lose time: once industrial capacity is lost, it does not return.
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