The question is whether Europe is able to deal with it in such a way that its competitiveness is safeguarded. Although there is certainly a need to adjust as I have just sketched, we shouldn’t be too  BIS Review 75/2007  3  pessimistic about the ability of Europe to accomplish this.
In the past, Europeans proved themselves to be more than capable of adjusting to new circumstances. 4  BIS Review 75/2007