Europe's economy faces difficulties, lagging behind the competitiveness of the US and China. How did this happen and what are the causes?
Bureaucratic Barriers in Europe
Europe, known for its regulations, has become a prisoner of its own bureaucratic apparatus. While the US focuses on innovation and boldness, Europe sinks into heavy bureaucracy. Starting a business in France takes 84 days compared to 4 days in the US. French President Emmanuel Macron himself admitted the outdated nature of the old European model.
Widening Gap Between EU and USA
There is a growing gap between the American and European economies. In 2008, their GDPs were comparable, but now the US GDP is 50% higher. The US invests in new technologies while Europe imports American and Chinese innovations. Productivity figures are also disappointing: from 2010 to 2023, US productivity rose by 22% while Europe's rose only by 5%.
Threats to European Sovereignty in the Crypto Industry
Europe significantly lags in the cryptocurrency sector. While the US attracts crypto companies, the EU gets lost in ethical debates and stifling regulations. An example is Coinbase's decision to restrict stablecoin trading for European users unless they meet MiCA requirements.
Europe urgently needs to reassess its strategy to overcome technological lag and protect its economic sovereignty. Without radical changes, it risks remaining in the shadow of global leaders.
