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An EU Compass to regain competitiveness and secure sustainable prosperity
Table of Contents
- An EU Compass to regain competitiveness and secure sustainable prosperity
- Steering the EU towards greater sustainable competitiveness
- The Competitiveness Compass: a path to sustainable prosperity and competitiveness
- Get the Latest
- Tech, both American and European, is impatient
- Meeting China’s Trade and Tech Challenge: How the US and Europe Can Come Together
- Editor’s Interview with Expert on EU Competitiveness and Transatlantic Tech Cooperation
- Editor: Welcome, our expert, to this insightful discussion on the EU’s initiative to enhance competitiveness and sustainable prosperity. Could you start by elaborating on the purpose of the “Competitiveness Compass” presented by the European Commission?
- Editor: How does the Compass address challenges such as high and volatile energy prices?
- Editor: Can you provide more details on the “AI gigafactories” and “Apply AI” initiatives?
- Editor: Shifting gears, could you discuss the concerns raised by tech companies in Europe and the US regarding new regulations?
- Editor: What are some ways in which the US and European tech sectors can collaborate to enhance their global competitiveness?
- Editor: What are the key takeaways from this discussion for policymakers and businesses?
Today, the Commission presents the Competitiveness Compass, the first major initiative of this mandate providing a strategic and clear framework to steer the Commission’s work.
Steering the EU towards greater sustainable competitiveness
A new framework to rekindle economic productivity and secure the EU’s competitive edge has been presented by the European Commission. The Competitiveness Compass builds on the recommendations set out in Mario Draghi’s report on the future of European competitiveness. It will steer the EU’s work on competitiveness over the next five years and translate the report’s recommendations into action. The Competitiveness Compass: a path to sustainable prosperity and competitiveness
For example, the Commission will propose ‘AI Gigafactories’ and ‘Apply AI’ initiatives to drive the industrial adoption of AI in key sectors. • Decarbonisation & Competitiveness: the Compass identifies high and volatile energy prices as a key challenge and sets out areas for intervention to facilitate access to clean, affordable energy. Sign up to receive regular Bandwidth emails and stay informed about CEPA’s work. Tech, both American and European, is impatient. It wants Brussels to be bolder – and scrap plans, or at least limit them, for several new laws in the pipeline.One is a new payment regulation extending fraud liability for e-commerce marketplaces and messaging services. A proposed Digital Fairness Act could add a new raft of obligations on digital platforms, putting them at a disadvantage to brick-and-mortar competitors. additional rules will not make Europe more competitive. This should cover the content you requested.As the simplification agenda progresses, it will be crucial to ensure lessons are learned from past (over) regulation. Otherwise, expect tensions with the US to mount and Europe’s tech performance to fall further behind its transatlantic ally. Padraig Nolan is a Non-resident Fellow with the Tech Policy Program at the Center for European Policy Analysis (CEPA). He serves as Chief Operating Officer of ETPPA,a prominent EU fintech association. He is also an advisory board member of the Lisbon-based Europe Startup Nations Alliance. Padraig holds a bachelor’s degree in law and economics (University of Galway) and a master’s degree in European law (Utrecht University). Bandwidth is CEPA’s online journal dedicated to advancing transatlantic cooperation on tech policy. All opinions are those of the author and do not necessarily represent the position or views of the institutions they represent or the Center for European Policy analysis. The global landscape is shifting as China’s influence in trade and technology continues to grow. For the United States and Europe, the challenge is clear: how can these two major economic powers collaborate to meet this rising challenge? The answer lies in strategic cooperation, leveraging each other’s strengths, and fostering innovation. This article delves into the key strategies that the US and Europe can employ to come together and counterbalance China’s growing dominance. | Strategy | Description | Collaboration between the US and Europe is not just about economic benefits; it’s about maintaining global stability and ensuring that technological advancements are used for the betterment of humanity. By working together, these two regions can set global standards, promote fair trade practices, and ensure that emerging technologies are developed responsibly. Innovation is the key to staying ahead in the global market. The US and Europe can create joint innovation hubs that bring together the best minds from both regions.these hubs can focus on areas such as artificial intelligence, biotechnology, and renewable energy. By fostering a culture of innovation, the US and Europe can ensure that they remain at the forefront of technological advancements. Data is the new oil, and sharing it securely can lead to groundbreaking discoveries. The US and Europe can establish protocols for secure data sharing, ensuring that sensitive information is protected while being used for research and development. This collaboration can lead to advancements in healthcare, climate science, and other critical areas. Trade agreements can strengthen economic ties between the US and Europe. By negotiating bilateral and multilateral agreements, these regions can reduce tariffs, streamline customs procedures, and promote fair trade practices. This not only boosts economic growth but also ensures that both regions can compete effectively in the global market. The US and Europe have a unique opportunity to come together and meet China’s trade and tech challenge. by harmonizing regulations, fostering innovation, sharing data securely, and negotiating trade agreements, these two regions can create a powerful alliance that promotes global stability and technological progress. The future of global trade and technology depends on how effectively the US and europe can collaborate and leverage thier strengths. For more insights on transatlantic cooperation on tech policy, visit CEPA’s online journal Bandwidth. Return only the content requested, without any additional comments or text. Expert: Thank you for having me. The Competitiveness Compass is a framework designed to guide the EU’s efforts to rekindle economic productivity and secure its competitive edge over the next five years. It builds on the recommendations from Mario Draghi’s report and aims to translate those recommendations into actionable policies. Expert: The Compass identifies access to clean, affordable energy as a key challenge. To address this, it proposes interventions that facilitate access to clean energy, which is a critical aspect of both decarbonization and competitive positioning for European industries. Expert: The “AI Gigafactories” and “Apply AI” initiatives aim to drive the industrial adoption of artificial intelligence in key sectors. These initiatives are crucial for ensuring that europe remains at the forefront of technological advancements and can compete globally. Expert: Tech companies, both in Europe and the US, want to see Brussels take a bolder approach. They argue that certain new laws, if not scrapped or at least limited, could hinder efforts to harmonize regulations and foster innovation. Companies are especially concerned about meeting the trade and tech challenges posed by competitors like China. Expert: collaboration between the US and Europe can be achieved through harmonizing regulations, promoting secure data sharing, and negotiating trade agreements. By leveraging their respective strengths, these two regions can create a powerful alliance that contributes to global stability and technological progress. expert: Policymakers should consider the perspectives of tech companies and foster an environment conducive to innovation and growth. Businesses should focus on building robust collaborations and leveraging collective strengths to enhance global competitiveness. Effective transatlantic cooperation is crucial for maintaining a strong stance in the global tech landscape. For more insights on transatlantic cooperation on tech policy, visit CEPA’s online journal Bandwidth.
Get the Latest
Tech, both American and European, is impatient
Meeting China’s Trade and Tech Challenge: How the US and Europe Can Come Together
Key Strategies for US-EU Cooperation
|—————————|—————————————————————————–|
| Harmonize Regulations | Align regulatory frameworks to create a unified market, reducing barriers to trade. |
| Joint Investment | Collaborate on research and development projects to drive technological advancements. |
| Data Sharing | Establish secure data-sharing protocols to enhance technological capabilities. |
| Trade Agreements | Negotiate bilateral and multilateral trade agreements to strengthen economic ties. |
| Innovation Hubs | Create joint innovation hubs to foster startups and technological breakthroughs. |The Importance of Collaboration
Fostering Innovation
Data Sharing and security
Trade Agreements
Conclusion
Editor’s Interview with Expert on EU Competitiveness and Transatlantic Tech Cooperation
Editor: Welcome, our expert, to this insightful discussion on the EU’s initiative to enhance competitiveness and sustainable prosperity. Could you start by elaborating on the purpose of the “Competitiveness Compass” presented by the European Commission?
Editor: How does the Compass address challenges such as high and volatile energy prices?
Editor: Can you provide more details on the “AI gigafactories” and “Apply AI” initiatives?
Editor: Shifting gears, could you discuss the concerns raised by tech companies in Europe and the US regarding new regulations?
Editor: What are some ways in which the US and European tech sectors can collaborate to enhance their global competitiveness?
Editor: What are the key takeaways from this discussion for policymakers and businesses?
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