At our latest Euronews event, experts discussed strategies for unlocking Europe's economic potential through investment, skills development and regulatory reform.
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As global economic power shifts and competition intensifies, Europe finds itself at a crossroads in defining its future role on the world stage. Leading experts gathered at Euronews headquarters in Brussels on 17 September to examine how the continent can restore its competitive edge.
The panel brought together Dr Antonios Nestoras, Founder and Director of the European Policy Innovation Council; Massimo Andolina, President of Philip Morris Europe; Suzana Carp, CleanTech for Central and Eastern Europe; and Claus Strunz, CEO of Euronews. Together, they offered perspectives spanning policy, business, sustainability, and media.
Panellists warned that without decisive action, Europe risks falling behind not just the United States and China, but emerging economies like India in the global competitiveness race. The discussion centred on the urgent need to boost economic growth and innovation, addressing issues such as regulatory relief, regional development, and skills shortages.
"We're talking about an existential issue. It's urgent” said Dr Antonios Nestoras, Founder and Director of the European Policy Innovation Council (EPIC).
CTA: Check out the best moments of the conversation on the player above and the entire discussion here:
Draghi report progress measured
One year after former European Central Bank President Mario Draghi's landmark report on European competitiveness, independent analysis reveals only 11.2% of his 383 specific recommendations have been fully implemented, according to EPIC, which has been tracking progress through a dedicated “Draghi Implementation Index.”
Nestoras emphasised that Draghi's report was "not the usual Brussels ritual" but a promise endorsed at the highest levels. "If it's not implemented, then it's going to be a liability for the Commission. They will have broken their promise."
The sluggish progress has sparked warnings that Europe is falling behind global competitors at a critical juncture. Claus Strunz, CEO of Euronews, painted a stark picture: "Either we make it now, or we will become in Europe a kind of the fourth world, not the third, the fourth world falling behind US, China, and India."
Calls for regulatory relief
Massimo Andolina, President of Philip Morris Europe, provided a perspective from the private sector, calling for a fundamental shift in regulatory approach. "I'm spending probably 80% of my time looking at how we are going to deal with four different directives that we need to deal with," he said, proposing that "the commission becomes the wind in the sails" rather than creating obstacles.
Andolina proposed a "moratorium” on regulations for a few years, suggesting that “where we say if we add one, we're going to take one off the back of the industry."
However, Suzana Carp, co-founder of CleanTech for Central and Eastern Europe, drew a distinction “between red tape and green tape.” Warning against oversimplification, she cited recent changes to the Corporate Sustainability Reporting Directive (CSRD) reporting requirements as an example of simplification that can reduce investor confidence by limiting supply-chain visibility.
Investment hurdles persist
The debate revealed tension between maintaining Europe's leadership in environmental and social standards while boosting competitiveness and investment. Nestoras argued that Europe has created "the most socially responsible and the most environmentally aware value chain on the planet" but needs support to compete globally.
Investment mechanisms also came under scrutiny. The InvestEU Fund, designed to mobilise €650 billion through public-private partnerships, faces bureaucratic delays. Carp cited examples of countries waiting a full year just for regulatory amendments allowing access to topped-up funds, while small and medium enterprises struggle with excessive paperwork requirements.
What’s more, the EU is guilty of overlooking the role of small and medium companies in innovation. “EU public funds instead of going to a small or medium electrolyzer producer, they will still go to a big company that's producing electrolyzers…because we are risk-averse in Europe, we tend to still give money to the bigger company,” she explained.
Regional development challenges
Carp also challenged Brussels' approach to regional development, revealing that only 9% of European Investment Bank loans over recent years have gone to Central and Eastern European countries despite their 3% GDP growth rates.
"This rethink hasn't happened and the whole idea of let's converge the single market that the report talks about has been misunderstood," she argued, accusing Brussels of “not fully engaging” with the region.
Skills shortages and a “mental shift”
Skills shortages represent another critical challenge. The panellists highlighted how private companies are taking initiative where regulation falls short, with clean-tech skills schools emerging across Europe.
Nestoras advocated for EU-funded positions for top researchers to compete with US universities on salary, while Andolina's company invests 37 million euros annually in employee training, with 70% of staff completing AI education programmes.
Strunz agreed on the importance of a highly skilled population, underlining that “we only can innovate Europe and get investments if we have the best people here.”
Beyond policy, Strunz emphasised the need for a mental shift toward excellence: "We need in terms of skills and education, a mental shift as well. Because I don't hear very often from people in Europe, ‘we want to be the best in the world’."
Window for action narrowing
The panellists agreed that Europe possesses untapped potential, with Nestoras noting the continent's history as home to "great thinkers," "Nobel Prize winners," and the birthplace of the Industrial Revolution. However, they warned that the window for action is narrowing.
As Nestoras concluded: "The future is written as we speak. And we have to agree that we either design the future here or we accept that it will be written in the United States and China. And we will just become an endless open museum of the past."
Meet the speakers
Dr Antonios Nestoras is an academic and policy expert. He is founder and director of the European Policy Innovation Council, a Brussels-based think tank focused on advancing policy innovation for a competitive and sustainable Europe, and creator of the Draghi Implementation Index.
Suzana Carp co-founded CleanTech for Central and Eastern Europe, an initiative launched in 2025 with the aim of giving voice to the region’s innovation ecosystem. She is an established EU climate and energy policy specialist, having served as Deputy Executive Director of Cleantech for Europe.
Massimo Andolina serves as President of the Europe division of Philip Morris International, bringing extensive experience from automotive, household products, and packaging sectors. Previously he held a range of international positions in strategic marketing and general management for Tetra Pak International and in operations for R.J. Reynolds International.
Claus Strunz became CEO and editorial director of Euronews in October 2024. He is a veteran journalist, having previously been deputy editor-in-chief of the German daily newspaper Die Welt and editor-in-chief of Bild am Sonntag. He has hosted a number of television shows.