A summit of EU leaders on the competitiveness of the European Union was held in Brussels in April. The head of the European Commission, Ursula von der Leyen, acknowledged that maintaining our continent’s global competitiveness is becoming increasingly challenging, with the main factors undermining it being the fragmentation of capital markets, high energy prices, lack of skilled workers and barriers to trade.

This is also confirmed by a recent report prepared by the McKinsey Global Institute based on a survey of representatives of some 1,000 European corporations and an analysis of the market situation in specific sectors. Our continent’s position is based largely on industrial sophistication, but the changing geo-economic situation is creating conditions that highlight new weaknesses in Europe. Unless specific large-scale action is taken in key areas, we will all bear significant real costs.

It is high time for Europe’s policymakers and business leaders to work actively together to develop a bold, integrated program to accelerate competitiveness and growth on our continent. Are such calls realistic to make, or are they just theses that everyone eagerly agrees with without taking further action?

How much catching up does Europe really have in terms of competitiveness and growth potential compared to Asia? How can we take advantage of the American experience? Have we learned any lessons from the shock and hard events whose aftermath we have to face, such as the war in Ukraine, or the pandemic?

And finally – as a Union of free countries, proud of our European heritage, we believe that there should be an indisputable correlation between financial flows and the state of democracy in the world. Does this belief have a solid and real basis?