Final Word from Wednesday, September 21, 2022

The EU Commission unveiled its proposed Single Market Emergency Instrument on Mon. for "crisis-proofing" the single market and "equipping Europe with a robust toolbox to preserve free movement and availability of relevant goods and services." What it basically means is that if there is a crisis that disrupts or threatens supply chains, Brussels will have the ultimate power to direct companies to produce certain products or provide certain services. Czech companies should study this closely, not only to familiarize themselves with what might apply to them down the road, but also to get ideas about how to act on the national level. There will soon be huge overcapacity in industry, as demand falls and energy costs make it economically unfeasible to keep going at current speeds. An unstated government policy of deindustrialization will only exacerbate this. Czech owners might want to consider a mutually beneficial downsizing plan before someone else decides for them. [ Czech Republic European Union deindustrialize downsize ]

Glossary of difficult words

to downsize - to become smaller in size or number;

to crisis-proof - to make resistant to crisis;

down the road - in the future;

overcapacity - the situation in which an industry or factory cannot sell as much as its plant is designed to produce;

unfeasible - inconvenient or impractical;

to exacerbate - to make (a problem, bad situation or negative feeling) worse.

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