The Missing Ingredient in European Competitiveness
The coming months will show how committed European leaders are to restoring economic competitiveness in a world where they are falling further behind. The European Union desperately needs capital-market integration, and achieving that will require many member states to swallow their national pride.
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LONDON – Judging by its strong, dramatic language, Mario Draghi’s big report on European competitiveness was clearly intended to get EU decision-makers’ attention. Rather than trying to sugarcoat the pill, he warns that Europe is falling ever further behind the United States. Not only has it largely missed the digital revolution, but it is about to miss the AI revolution, too. Not one European technology firm can rival the likes of Apple or Microsoft.