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European financial aid is good, but without a functioning internal market it is pointless

Date

27 May 2020

Sections

InfoSociety

Brussels/Frankfurt, 27 May 2020 – Regarding the EU Commission´s plans for the economic recovery of Europe, Thilo Brodtmann, VDMA Managing Director, says:

 

“It is good that a European financial solution for the economic restart has been laid on the table. The economy must now be given an efficient and above all sustainable boost. This can only be done with a common European and solidarity-based approach. It is clear that the support must be attached to certain conditions. They must be forward-looking and fund projects that strengthen Europe's competitiveness in the long term, for example in the areas of digitisation and sustainability.

However, money alone is not enough. A sustainable economic upturn also involves open borders and open markets. Without a functioning European internal market, any financing model is useless. The additional debt can only be justified if it contributes to strengthening Europe's position in the long term - for example by investing in digital infrastructure, research and innovation. However, we warn against new taxes for companies; these would be counterproductive and are damaging to Europe as an industrial location.“

A photo of Thilo Brodtmann, Executive Director of VDMA, can be found here

The VDMA represents around 3300 German and European companies in the mechanical engineering industry. The industry represents innovation, export orientation, medium-sized companies and employs around four million people in Europe, more than one million of them in Germany.

If you are not interested receiving our press release in the future, please send an Email to european.office@vdma.org.

VDMA European Office
BluePoint Building
Boulevard A. Reyers 80
B - 1030 Brussels
Tel. 
+ 32 2 706 8205, Fax + 32 2 706 8210
E-Mail european.office@vdma.org
Internet www.vdma.org
President: Carl Martin Welcker
Executive Director: Thilo Brodtmann
Vereinsregister beim Amtsgericht Frankfurt Nr. VR4278

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