3 September 2024 – The first names revealed for new EU Commissioners, particularly in the important economic and trade resorts, indicate that the second EU reign of Ms von der Leyen is once again likely to be at the expense of liberalisation and market openness. And the Chinese Caixin PMI is rising for the tenth month in a row and is now back above 50 points.
Chinese Caixin PMI rises above 50 points again
The Caixin Purchasing Manager Index, which is important for the manufacturing sector in China, climbed back above the 50-point mark in August. With an increase to 50.4 (July 49.8) points, this indicates an improvement in conditions in the manufacturing sector.
Manufacturing output rose for the tenth consecutive month in August, led by companies in the consumer goods and intermediate goods sectors.
The growth rate improved in particular due to an increase in incoming orders among the Chinese companies surveyed. Survey respondents also indicated that improved demand conditions and promotional activities supported the recent increase in new orders.
New EU Commissioners: liberalisation looks different
The recently revealed names for some of the top jobs under the second EU regency of Ursula von der Leyen already indicate this: With these Commissioners, there is no sign of liberalisation and more openness for small and medium-sized enterprises. This means that Mrs von der Leyen will soon find herself accused of having lied again and deliberately in order to secure her hold on power. She would rather hand out gifts for her re-election and her own political favouritism.
Economy to Italy and trade to the Netherlands
With Raffaele Fitto from the Brothers of Italy as Executive Vice-President of the Commission and Commissioner for Economic Affairs and Corona Reconstruction Aid and the Dutchman Wopke Hoekstra, who is to become Commissioner for Trade (formerly Commissioner for Climate Action), she has already made two selections that clearly do not stand for economic openness, but rather for an expansion of the already encroaching EU market protection.
Excessive protectionism in EU trade policy
It is precisely this excessive protectionism in EU trade policy over the past five years that, alongside ever more bureaucracy from Brussels, has led to rising prices, less competition and the loss of jobs, particularly in small and medium-sized enterprises.
Steel manufacturers as a prime example of one-sided EU policy
The EU steel industry is a good example of this. While steel producers supposedly have to be saved with more and more market protection and subsidies, downstream consumers are left defenceless to the price and supply dictates of the European steel oligopoly. And they are left to pay for the damage, even though Brussels knows exactly how much tariffs and market protection damage its own economy.
Despite all the political whinging, it is clear that no lessons have been learnt from the recent German election results. So please stop complaining in Germany and Brussels about current and future results. Despite knowing better, decisions are once again simply being made against the sovereign.
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