Reindustrialization was supposed to have been a major plank of EU policy in past years. As an issue, it was only promoted sporadically, when major problems arose for major industrial players in major EU member states. Meanwhile, most other member states experienced continuing shocks to their industrial systems. They suffered big losses in employment and industrial knowhow. Deindustrialization affected big and small companies alike. Their worries and the need to promote a really effective reindustrialization strategy were buried under the preoccupation with a competition policy that screens out all state aid; a strong commitment to free trade under the aegis of globalisation; and a belief that services by themselves would keep Europe’s economies in competitive shape. Reindustrialization needs a policy designed for all seasons, not when major companies are about to collapse. It needs consistent and effective application. The European tradition is one which associates public policy with industrial endeavour. Saying so is not a rejection of globalisation. Rather it reflects the need for a European commitment to the planned development of globalisation which avoids social dumping through free trade. There is no other way by which to promote reindustrialization. And to make it applicable equally to big and small.