Europe, once a global economic leader, now faces major challenges threatening its dynamism and influence. While the United States and China advance in technology and economics at a breakneck pace, the European Union seems to move offbeat. The digital revolution, renewable energy, and strategic innovations propel these giants forward, while Europeans struggle to keep pace. In his report to the European Commission in early September, Mario Draghi warns: “Either we act, or Europe faces a slow decline.”
Why is Europe falling behind? Complex internal policies, insufficient investment in new technologies, and fragmented economic initiatives weaken Europe against global titans. Additionally, the resurgence of economic protectionism further isolates Europe. While the United States enacts bold measures like the Inflation Reduction Act, China promotes its national champions, and other powers turn inward, the European Union remains the only one strictly following international trade rules.
Although this adherence to trade agreements aligns with its multilateralist principles, it places Europe at a disadvantage in an increasingly competitive world. Can this approach be sustained in the long term in a more fragmented world? Can Europe still play a leading role in a world undergoing transformation?
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