You're listening to the European Parliamentary Research Service podcast on a renewed industrial policy strategy.

After years of feeble performance, European industry is showing muscle again.

It's creating new jobs and growth and gradually transforming itself

to meet the challenges of the fourth industrial revolution. To reap the full benefits of this

digital transformation, the European Commission has presented plans for a smart, innovative and

sustainable industry, though many complain it's little more than a facelift. We'll be right back

with you.

Industry is the backbone of European economy. It accounts for more than two-thirds of Europe's

privately funded research and provides jobs for 32 million people. Europe is a global leader in many

industrial sectors, particularly in high value-added,

low ecological footprint and advanced products and services, in sectors such as automotive,

pharma, chemicals, mechanical engineering and fashion. European companies are also at the forefront

of important technological developments such as advanced manufacturing, nanotechnology, biotechnology, micro-electronics.

At the same time, European industry is undergoing deep transformation. As we step into the fourth industrial revolution,

the convergence between traditional industries and the digital sector is forcing the integration

of smart products with intelligent personalised services, placing the consumer at the centre.

The advance of digital technologies is coupled with an accelerated pace of economic,

societal and environmental change, the bundling of services and manufacturing and new business

models. This industrial transformation holds the promise of creating flexible manufacturing

based on mass customization, rapid delivery and better quality.

It is also likely to improve productivity, which is crucial for maintaining Europe's competitiveness

and creating new high-skilled jobs. But to reap all these benefits,

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