Skip to main content

Cookies and Privacy

We use cookies to improve your experience on our website. To find out more, read our updated Cookie policy, Privacy policy and Terms & Conditions

schaake3_getty images_tech Getty Images
English

An Innovation Agenda for Europe

The European Union has everything it needs to be a global leader in technology and innovation. The EU’s new leadership team should therefore act immediately to create a strong innovation ecosystem, complete the digital single market, and robustly defend free, open, and rules-based competition.

BRUSSELS/MADRID – The European Union’s new leadership team must reform and deepen the bloc and strengthen its global influence. Making Europe much more innovative should therefore be at the top of the priority list.

There is no time to waste. The rapid growth of the digital economy is creating a technological G2 world dominated by the United States and China, with Europe a distant third. Not even one European firm is ranked among the world’s largest Internet companies. Most technology “unicorns” – privately held start-ups valued at over $1 billion – are outside the EU. And tech hubs such as Shenzhen or Silicon Valley currently dwarf anything that Europe has to offer.

If EU leaders allow these trends to continue, Europe will find itself unable to meet the geostrategic challenges of the twenty-first century. An outdated industrial and technological base will be unable to support a resilient and effective data infrastructure, and will thus limit Europe’s strategic autonomy. With technology and innovation having become important arenas for Sino-American great-power rivalry, Europe must raise its collective game to avoid being caught in the middle.

We hope you're enjoying Project Syndicate.

To continue reading, subscribe now.

Subscribe

Get unlimited access to PS premium content, including in-depth commentaries, book reviews, exclusive interviews, On Point, the Big Picture, the PS Archive, and our annual year-ahead magazine.

https://prosyn.org/XoYyIGm;
  1. pisaniferry106_Mark WilsonGetty Images_phase one agreement trump china  Mark Wilson/Getty Images

    Explaining the Triumph of Trump’s Economic Recklessness

    Jean Pisani-Ferry

    The Trump administration’s economic policy is a strange cocktail: one part populist trade protectionism and industrial interventionism; one part classic Republican tax cuts skewed to the rich and industry-friendly deregulation; and one part Keynesian fiscal and monetary stimulus. But it's the Keynesian part that delivers the kick.

    0
  2. yu49_ShengJiapengChinaNewsServiceVCGviaGettyImages_G20trumpjinpingshakehands Sheng Jiapeng/China News Service/VCG via Getty Images

    PS Say More: Keyu Jin

    Keyu Jin assesses the “phase one” US-China trade deal, questions whether the US can ever accept China’s development model, and highlights a key difference in how the Hong Kong protests are viewed inside and outside China.
    0