The EU Industrial Policy Report 2024 by the Luiss Hub for New Industrial Policy and Economic Governance (LUHNIP) is presented at a time when the EuropeanUnion (EU) navigates an era marked by profound geopolitical shifts, socioeconomic transformations, and environmental imperatives. In recent years, geoeconomic competition by China and the United States has put the European model, based on free competition and open markets, to the test. At the same time, the war in Ukraine is now forcing the European Union to strengthen its defense industrial capabilities to ensure its own security. Finally, the industry’s twin transition requires significant new financial resources and regulatory measures. Simply put, the scale of these challenges means that the question of the future of EU industrial policy is crucial if Europe is to maintain its influence at global level, strengthen the competitiveness of its economy, while keeping its social model. These challenges have been recently highlighted by the high-level reports on the future of the Single Market by Enrico Lettab and European competitiveness by Mario Draghi and are now at the heart of the mandate of the new Von der Leyen II Commission.