S1.7 For structurally increasing EU competitiveness, civil law is one of the EU’s hidden treasures

For structurally increasing EU competitiveness, civil law is one of the EU’s hidden treasuresBy Donald KalffA consensus is now building that structurally improving EU competitiveness is a condition for protecting and enhancing the EU’s geopolitical position, for implementing the twin green and digital transitions and, in general, for preserving the European way of life.At a corporate level this means focussing on economic and environmental sustainability, on resilience (the capacity to cope with uncertainty, and more severe and more frequent shocks) and on the human factor to contribute to – and take full advantage of – new technologies.These three dimensions are part and parcel of the European Commission’s ‘Industry 5.0’ approach. For Industry 5.0 to be successful in the long run, private sector follow up is best served by relying on civil corporate, contract and labour law. These are three of the many ‘European Hidden Treasures’, or sources of competitive advantage that many Member States enjoy but are often not recognised as such.This contrasts sharply with common law and Anglo-Saxon business practices, due to the primacy of shareholder interest in corporate governance, resulting in risk avoidance and the desire to maintain control – hardly desirable assets in such an unpredictable world.Watch more here Hosted on Acast. See acast.com/privacy for more information.