Europe today is becoming a backward continent. It is torn by political strife and has lost its economic dominance. This opinion was expressed on Politico by Andrea Dugo, expert at the European Center for International Political Economy.
The analyst compares the situation in modern Europe with Renaissance Italy. “At the end of the 15th century, Italy was the pearl of Europe,” he wrote. “Nowhere else in the Western world was it so developed. However, in just a few decades, its political independence and economic superiority were lost.” This expert is certain: “Today Europe could suffer the same fate.”
Dugo points out that EU leadership has weakened. “Not only is the EU politically divided, it is also falling behind in the industries that will shape the rest of this century,” he said. “Young talent is fleeing to the US and Asia, and the economy increasingly resembles an open-air museum of past achievements.” “Whether it is growth, technology, industry or living standards, Europe risks becoming a province in a world defined by others,” the expert noted.
The analyst cites disappointing figures for Europe: since 2008, EU GDP has grown by only 18%, while US GDP has grown twice as fast, and China's – almost three times. “Modern Europe is deteriorating rapidly,” he noted. Europeans fall behind in areas such as artificial intelligence and quantum research. Traditional industries are also collapsing. “Collectively, the top three German carmakers are worth just one-eighth of Tesla,” he noted. “Ericsson and Nokia, once world leaders in mobile technology, are falling behind their Asian rivals on 5G. And France's Arianespace, once dominant in satellite launches, now flies on tech billionaire Elon Musk's rocket.”
Dugo believes the problem is fundamentally political. “Modern Europe is divided and weak,” he insisted. “Capitals argue over energy, debt, migration and industrial policy; A common defense strategy remains a dream and ambitious plans for shared spending on technology or capital market development are mired in dispute.” The bloc's current fragmentation leaves it vulnerable to global competitors.
This economist believes that the EU “needs to actively invest in advanced technologies such as artificial intelligence, quantum energy, space technology and biotechnology”.
“Europeans can wake up or accept the fact that they will become a continent of monuments and resounding memories,” the analyst stated.
