The outbreak of the corona pandemic has posed a serious threat to European industry in both the short and long term, from disruption of supply chains due to transport and travel restrictions, to the loss of suppliers. Most industrial companies report substantial falls in numbers of orders placed or order cancellations. Due to a mix of a weak global economy and uncertainty in business, society and politics, many companies are lacking not only liquidity but also the necessary planning security for future innovations and investments.

Businesses are now facing three transition processes: the digital transformation, the move to a sustainable economic system, and surviving the corona crisis. For a successful recovery, a stable and predictable environment for long-term sustainable growth must be re-established as quickly as possible. Individual nations going it alone, border closures and protectionist measures undertaken by EU Member States at the beginning of the pandemic questioned Europe's ability to find a common response to the crisis. But the Commission's EUR 750 billion Recovery Fund announced in May was a strong statement which now must be converted into sustainable success.