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Instead, the first move should be to rationalize spending, decrease waste of public funds, and prioritize projects that can add to Europe’s growth potential. Such targeted projects are more likely to be funded by a group of countries or entities with common interests in their success.
Europe can compete successfully in this, an uncertain world. But there is much to be done, and Europe has to rethink the way it operates. Faced with the technological competition between the world’s two major economies and the ideologically agnostic BRICS+ alliance, this is the time for a new Europe that embraces a business-minded approach to governing.
The writer is head of Pictet Research Institute.
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Publish date : 2024-12-23 18:45:00
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