Europe’s Missing Champions
There is little doubt that US and Chinese industrial and digital champions will dominate large shares of the global economy in the decades to come. But whether they will be competing with European multinationals depends on the EU’s willingness to update its antitrust policies and expand its digital strategy.
BRUSSELS – Last month, upon hearing the news that the European Commission had blocked a merger between the manufacturing conglomerates Alstom and Siemens, the French far-right leader Marine Le Pen declared herself “over the moon.” As a rule, when Le Pen applauds something, suspicion is in order.