Opinion : “No, Europe is not doomed!”

The early days of 2025 are tough for old Europe. Sclerotic for many years due to a lack of capital and excessive regulation, it is lagging behind in technology by an estimated 800 billion euros according to the Draghi report, is paying dearly for its energy dependence and is suffering from the growing mistrust of its biggest businessmen, for whom Bernard Arnault and Florent Menegaux have become spokesmen.

At a time when the threat of increased US tariffs and the likelihood of economic warfare with the USA are darkening the landscape, Trump’s public humiliation of Zelensky seems to confirm Europe’s powerlessness on the world stage.

A profound revision of priorities is needed

“Old Europe; it will never live again: does young Europe offer more chances?” asked Chateaubriand in 1849. The “old Europe” was holding back its entrepreneurial spirit and innovation, invoking precaution as a sacrosanct principle since 2007. Today, American mistrust and Russian aggressiveness are a real “opportunity”. They are forcing Europe to spring into action and to be bold. We have the resources and the duty to impose European sovereignty as a counter-offensive to this American onslaught. We need to rethink a “young Europe”, ready to assume and exercise its power.

To strengthen the sovereignty of a young Europe, we need to encourage the emergence of European industrial champions. Why deprive ourselves of strong support for our companies in our own market? To do so would be to deny European genius. It has given the world its best mathematicians and AI engineers, its biggest fashion and luxury brands, its giants in agri-food, aeronautics and space. We need to revise our competition rules to capitalize on these sectors, where Europe, and France in particular, is a world leader.

The young Europe will be the one to unleash innovation

Why not offer our venture capital the same boldness that enables American venture capital to finance the risk-taking of pioneers? Easing our regulatory constraints will enable us to invest in the European independence of tomorrow, particularly in the AI, energy and defense sectors. The establishment of a single European capital market could be a step in this direction. It would strengthen the competitiveness of our financial system, liberalize flows and direct private investment towards these strategic sectors. Let’s be bold enough to give AI innovations more room to maneuver. Let’s be bold enough to invest in our region’s biomethane and green hydrogen resources, which are the key to our energy independence. Let’s have the audacity to strengthen the French and European flagships of our defense industrial and technological base, in order to make a reality of the strategic autonomy so dear to our hearts.

In the Vendée Globe, the Americans are the great absentees among the winners. If the United States wins the sprint races, we’re definitely better at the long-distance races. Europe must anchor itself in a long-distance race to resist with confidence, resilience and vision. French and European leaders must steer a bold strategy and set the course. French and European leaders can embody hope in troubled waters. Business leaders must dare to take risks, despite this period of uncertainty and geopolitical turbulence. For it is through boldness that Europe will regain its place, not only on the global economic and geopolitical stage, but also in the hearts of its citizens.