Michał Krupiński, is a Polish economist and former President of the Management Board of the largest Polish bank Bank Polska Kasa Opieki Spółka Akcyjna (Bank Pekao SA). He also served as CEO of the PZU Group, the region’s largest financial group, and as Head of Global Banking and Markets for Central and Eastern Europe at Bank of America Merrill Lynch. Between 2008-2011, he was the Alternate Executive Director at Board of Directors of the World Bank Group in Washington and prior to this, he served as Undersecretary of State Treasury for the Polish government.
Besides political appeal, is there economic merit to compressing international supply chains, and/or bringing them closer to ‘home’? Are we witnessing the end of stretched, cost-driven value chains – a prime feature of globalization – or their transformation? How can value chains be secured for greater robustness and resilience, and how can policy help?
The COVID-19 pandemic has posed significant challenges for supply chains globally. Multiple national lockdowns have led to labour bottlenecks and have disrupted the flow of raw materials and finished goods, dragging on manufacturing, and sending customers in a waiting mode.
These developments have compelled observers to ponder decoupling from China, value chain localization/regionalization, even ‘nationalization’ of selected strategic industries, closely linked to the concept of EU strategic autonomy, the idea of a more economically self-sufficient EU.