Annual Report 2025 - Report - Page 91
A high-calibre panel to open the scientific programme
today. But it’s not about working endless hours; poorer
countries often work longer but produce less. The real difference, he argued, lies in mission-driven purpose – the
sense of urgency that powers breakthrough innovation.
Tirole put it plainly: societies can choose shorter or
longer workweeks, but if they lose ambition, they lose
sovereignty. Europe’s challenge is to work both harder and
smarter – reclaiming the mindset of “lean and hungry” innovators while channelling effort into the right clusters.
The panel’s silence on China was telling. Draghi explained that China’s system is opaque, its strengths –
scale, speed, and strategic focus – beyond dispute. The
United States, by contrast, retains its lead through concentrated excellence: a handful of elite universities and
companies dominate globally. But its edge is narrowing.
Chu warned that the same complacency threatening Europe is visible in America too, even as 80% of its research
funding comes from private investment – versus only
20% in Europe.
For Europe to compete, Schafbauer argued, it must
stop chasing every technology. Instead, double down
where it already leads and use public money to de-risk
early innovation so private capital can scale it. Draghi
added that real change also requires dismantling bureaucratic barriers. Europe’s caution – especially in regulation
– often stifles the very dynamism it wants to nurture.
“Two thirds of our start-ups would migrate to the US, either at the seed or the pre-seed level.”
Tirole called for institutions that safeguard science
from both political capture and commercial pressure, while
keeping competition alive. Europe doesn’t need to abandon
its values – on privacy, sustainability, or labour standards
– but it must act faster and regulate smarter. “It’s not that
we care too much,” he said, “but that we move too slowly.”
Ultimately all panelists converged on one point: innovation is not optional. As Tirole reminded the audience,
“There’s no sustained rise in living standards without innovation.” But the stakes reach beyond economics. In an
era shaped by AI, social media, and drones, technological
strength defines security and autonomy. Falling behind
doesn’t just erode prosperity – it erodes sovereignty.
Europe’s dilemma, then, is not whether to innovate,
but how. Overcoming fragmentation, pooling resources,
and reigniting a culture of urgency will decide whether it
remains a major pole or fades into “plus one” status. Innovation is no longer a luxury – it’s the price of independence.
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