The new Commission’s economic philosophy

The broad orientation of the European Commission's economic policy is unlikely to change. It will continue to defend the single market, free trade and a tough competition policy. However, the economic policies of the Commission and the EU as a whole will inevitably reflect the economic backdrop of slow growth and high unemployment. The most pressing immediate challenge for the Commission is to help prevent Greece or another eurozone member defaulting on its debt. Another will be to draw up a convincing 'EU 2020' programme of economic reform. A third challenge will be to reconcile pressure from member-states for more activist industrial policies with a defence of the single market and adherence to an independent competition policy.