This is a long-term trend that cannot be rapidly or easily inverted, and which puts significant underlying pressure on Europe’s growth potential and public finances. In contrast, other areas of the world are catching up with the advanced economies and offer a handful of opportunities to European businesses.
Deepening Europe’s economic ties with the most dynamic areas in the world in a context of strict reciprocity should thus be a clear priority in the European growth strategy. 5. Concluding remarks  Let me conclude with a word of confidence in the future. Europe has experienced difficult crisis before. These crises have been a catalyst for deepening and strengthening the European project.