Europe is losing its industrial leadership. The G20 meeting of Finance Ministers in North Carolina highlighted the transatlantic divide. While the US and China are courting companies with capital, cheap energy, and active industrial policies, Europe responds to its dwindling competitiveness with more regulation. Germany and Austria are prime examples of this creeping structural shift. While the Draghi Report maps out a counteroffensive to Europe’s ongoing deindustrialization, the critical question is whether Europe has the political will to implement it.
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