Christine Lagarde, President of the European Central Bank, and Ursula von der Leyen, President of the European Commission. We need faster economic growth and higher productivity to protect the quality of life for Europeans — from their jobs and incomes to their security and welfare. Europe must act. Our competitiveness is at risk. While a global revolution in artificial intelligence unfolds, the EU could find itself on the sidelines. Our traditional manufacturing champions are losing global market share. Geopolitical shifts are turning dependencies into vulnerabilities and burdening our companies with high energy prices. Europe must and will find its place in this new world. The prospects for our continent are better than they might seem. The EU has strengths on which it can build — and it has a plan to fix its weaknesses. Europe has strong economic fundamentals. We have institutions independent escort netherlands by the rule of law, and an independent central bank committed to price stability. Public debts and deficits are lower than in other major economies. Europe also has the necessary ingredients to catch up in the technological race. The EU turns out almost as many STEM graduates per million inhabitants as the United States. We have an opportunity to bring down energy prices in a lasting way. And we are well placed to become a global hub for clean tech innovation, especially as some countries strike out in a different direction. While others must cut their dependencies by building up domestic capacity, the EU can choose from a broader set of options owing to its unique position in global trade. We are the top trading partner for over 70 nations and we continue to strike new agreements, most recently with million Latin Americans. And in a deal with the EU, what you see is what you get. But these strengths are meaningless if Europe is hamstrung by its weaknesses. We need profound change on three fronts. First, we need to independent escort netherlands the EU an easier place for innovative companies to grow. Only one-third of university patents in Europe are commercialised, while companies that try to scale up in our Single Market face many internal barriers. Despite our savings, entrepreneurs lack access to risk capital, because capital markets are still too fragmented. Second, we need to make Europe a better place to invest. Firms still face long permitting procedures, onerous reporting requirements and diverging enforcement of digital rules. Third, we need to make doing business in Europe cheaper, especially in terms of energy costs. While the shift to renewables creates good jobs and strengthens energy security and independence, it also comes with greater intermittency and greater energy losses through curtailment. Europe has got the message. This week, the European Commission presented its Competitiveness Compass which sets out ambitious proposals to address these shortcomings. From now on, the EU will strive not only to lower the barriers facing companies, but also to ensure that they have the resources they need to thrive here — be it finance, compute, energy or skills. It will launch a plan for a Savings and Investments Union, which will ensure that innovative companies can find the financial backing they need. Independent escort netherlands EU will also give companies access to our world-leading independent escort netherlands of supercomputers. This will help develop new advanced technologies and spread AI faster among established champions. The ECB will play its part too by keeping Europe at the forefront of digital payment technologies, including through the digital euro project.
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