Main priorities to improve global EU economic competitiveness

Objectives of the roundtable

The eurozone has been experiencing a structural growth shortfall relative to the United States and China since the mid-1990s due to structural weaknesses. The Eurofi Economic Scoreboard reminds us that GDP in volume grew by 66.2% from 1998 to 2022 in the US and by only 39.7% in the euro area, according the IMF and the EU Commission. It also underlines that the US has technological superiority in IT sectors and, in military terms, Europe is overwhelmingly outpaced. Moreover, the economic consequences of the COVID-19 crisis and the war in Ukraine have been more severe in Europe than in the US and China. They have amplified the heterogeneity of economic performance across Member States.

This opening plenary session will assess the main reasons why Europe’s economic performance has fallen behind that of its global competitors, particularly the United States, over the last fifteen years. Then the panel will focus on the main priorities to improve the competitiveness of the European economy vis-à-vis the United States and China.

Points of discussion

1. What are the main reasons why Europe’s economic performance has fallen behind that of its global competitors, particularly the United States, over the last fifteen years?
2. What are the priorities to improve the competitiveness of the European economy vis-à-vis the United States and China? Will the revision of the Stability and Growth Pact and the implementation of NGEU and other European plans (Green Deal Industrial Plan, European Chips act, etc.) reduce the widening economic gap between Europe and its main competitors? Are there any “lessons learned” from US American policy practices that can be applied in Europe? What additional national and European measures should be planned for the next European legislative cycle to improve the European Union’s economic competitiveness and strengthen our strategic autonomy?