The strategic complementarity between competition and industrial policy

The strategic complementarity between competition and industrial policy

Fecha: enero 2024

Javier Asensio and Juan José Ganuza

Industrial policy

SEFO, Spanish and International Economic & Financial Outlook, V. 13 N.º 1 (January 2024)

Economists have traditionally been skeptical over the use of industrial policy. However, tech progress, climate change and geopolitical tensions have once again placed industrial policy at the center of the political debate. Without taking a position in favor or against industrial policy, it is important to note that, if public sector intervention is indeed necessary, it should be done respecting competition policy and innovation, not least within the EU, where there is added pressure to execute NextGenEU. To achieve sustainable economic development and minimize negative impacts on the market, industrial policy should be limited to situations in which a market failure is identified and implemented through competitively neutral mechanisms, without discrimination regarding sectors, companies or technologies.

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