Making European industry more competitive
If European industry doesn't penetrate foreign markets effectively in a global arena, trade opportunities could be lost in the face of tough external competition. The EU-funded project 'European firms in a global economy: Internal policies for external competitiveness' (EFIGE) studied different aspects of European firms to overcome this challenge. Examining the internationalisation of these firms and related policies, the project studied factors like size, productivity, type of ownership, employment and innovation. To achieve its aims, EFIGE combined the latest theoretical and empirical research through a cross-country survey. The project also produced seven country reports covering Germany, Spain, France, Italy, Hungary, Austria and the United Kingdom. It identified the features of European firms for successfully competing abroad and focused on more successful countries in international trade. One important aspect of the project involved examining the ability of firms to compete in foreign markets, looking as well at their reliance on local and global production networks. Other key aspects covered a better understanding of the effect of the euro on European firms, how these firms have weathered the crisis and what the barriers to firm growth are. In effect, the project produced a thorough assessment of the internationalisation patterns of European firms. In addition to the country reports and cross-country report that identifies the triggers to competitiveness, project results also included 62 working papers and 4 policy briefs. The overall findings could have a profound effect on policymaking in Europe and on improving competitiveness. If new policies are created, firm competitiveness will improve on a country level, also spurring a positive socioeconomic impact on a pan-European scale. European firms will then have a much better chance of becoming world leaders in their respective fields.
