The economic cooldown that came with the double blow of the pandemic and then soaring energy prices has changed Europe forever, etched not only on the collective psyche but giving policymakers the chance to set in motion projects that seek to align the uneasy bedfellows of industry and the environment.
The window of opportunity that these events provided has been portrayed as too good to let pass – the moment for a great reset (use term with caution) that could be the decisive step towards sustainability that would save economies... and the planet. But what looks good on the tin is far more complex when opened up.
Once prosperous industries closed and were outsourced long before Covid-19 arrived and the continent is dotted with the shells of now-defunct mills, mines and metalworks. In the face of lower labour costs and lax environmental regulations overseas, Europe could hardly compete and often showed little desire to try.
So warnings that deindustrialization might be irreversible may not garner much surprise. If the cogs of globalisation are left to turn unimpeded then this might not even be such an issue, viewed through the macro lens. But the exigencies of climate breakdown and advantages of energy sovereignty to withstand geopolitical shocks now make an undeniable case for bringing industry back "in-house".
Belgium is already laying the foundations of an industrial sector capable of reinvigorating local economies and bringing down greenhouse gas emissions. But to flourish these infrastructure investments will need to be nurtured through subsidies – possibly similar to those the United States has introduced to the profound concern of EU legislators.
Though traditional industries have been superseded largely by services, Europe has the ability to realise a resilient economy for the future with flagship policies such as Fit for 55 central to this. Also key will be preventing "carbon leakage", where polluting processes take place elsewhere in order to keep down emissions on EU territory.
If handled sensibly, this would revive activities closer to home, where they can be performed more responsibly and bring expertise and innovation nearer. But analysts caution that this will require an EU-wide commitment to avoid good intentions being undermined by outdated practices reaping mega-profits.
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