EU industrial revolution targets China

Europe’s third industrial revolution has been launched, aimed at winning back manufacturing from China and creating more jobs in crisis-hit economies, though Ireland already exceeds the EU’s target.

There will be pressure on productivity and wages if jobs are to be taken back from low-cost developing countries, though the cost of labour in China, the EU’s biggest competitor, is rising, said Industry Commissioner Antonio Tajani.

The Central Bank recently said wages need to drop by 10% to compete.