Juliet Teigland of EY explains Europe faces significant challenges with competitiveness and innovation against pressures from the US and China. With projected GDP growth vastly favoring the US, she warns that Europe must enhance its ecosystem for innovation. Teigland suggests five strategies, the first being clearer implementation of regulations to avoid inefficiencies across member states. Additionally, she advocates for a capital markets union to boost investment and reduce barriers. Without these changes, Europe risks sinking further behind, creating a downward economic spiral.
Teigland believes Europe needs to create an ecosystem to support its innovators, stating, "We have a million examples of go-getters, but if we don't give them the ecosystem they need, they won't be successful."
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