Europe has gained resilience since the sovereign debt crisis: a stabilising common currency, low unemployment, and debt held largely by domestic institutions. Yet behind this reassuring façade, growth remains stagnant at barely above 1% per year. Declining competitiveness is gradually undermining the continent’s commercial independence.

In light of this, the challenge is clear: Europe must revive productivity and innovation to break free from inertia - otherwise, it risks increasing dependence on external global powers.

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