cover image: The Future of European Competitiveness Part B: In-depth analysis and recommendations

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The Future of European Competitiveness Part B: In-depth analysis and recommendations

9 Sep 2024

Part B of this report provides an extensive evaluation of the challenges and opportunities facing Europe’s competitive position across multiple sectors, including energy, critical raw materials, digitalization, clean technologies, automotive, and space industries. The report underscores the need for transformative action to address high energy prices, supply chain bottlenecks, and dependence on external markets, particularly for raw materials and energy. Sectoral analyses highlight Europe’s vulnerability to energy price volatility, urging for greater investment in renewables, nuclear energy, and infrastructure to support grid expansion and storage capabilities. Moreover, the report discusses the need for improved governance, innovation acceleration, and labor market reforms to close the skills gap and boost research and development efforts. With energy costs significantly higher than in the U.S. and Asia, the report emphasizes the urgency for Europe to lower costs through better resource allocation and diversification of energy imports. It outlines proposals for targeted actions, such as joint gas procurement, power purchase agreements, and grid improvements. The transition to a greener economy is seen as a major avenue for enhancing competitiveness, with Europe’s decarbonization pathway offering a long-term opportunity to reduce its dependency on fossil fuels and strengthen its position globally.
digitalization energy policy clean technologies raw materials innovation policy workforce development economic competitiveness sectoral governance

Authors

Mario Draghi

Pages
328
Published in
Belgium

Table of Contents

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