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major European economies
Michael Roberts Blog
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81% Informative
Mario Draghi was asked to write a landmark report on the future of Europe ’s economy.
The report, called The future of European Competitiveness , is 600pp long.
It paints a miserable but accurate picture of the EU economies’ relative decline in output and productivity growth, living standards and technical progress compared to the US and Asia .
Europe has delivered leading outcomes in terms of governance, health, education and environmental protection.
A recent new study found that Europe ’s aging population “will cause massive headwinds for economic growth” The problem is caused by low investment in productive sectors, particularly in the new technologies.
The gap between productive investment to GDP in the US and Europe is some 1.5% pts of GDP every year .
Since 2000 , gross profit rates in the United States have risen and industry concentration has soared, but these trends are not found in the European Union .
In the EU there are many more smaller companies where profitability is low, while in the US a higher concentration of capital has boosted profits for the few mega techs at the top.
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