It is absolutely true that Europe’s prospects depend on more than beating the virus. /Tony Barber, FT, 3 November 2020/
Europe needs to climb the value-added ladder in all areas of the economy from manufacturing to services. The latter actually account for about three-quarters of the euro area GDP, meaning that not only agriculture and industries, but also the service sectors need a complete overhaul and a huge upgrade as well.
China and the U.S. show the way, we must not shy away from the 4.0 and 5.0 upgrades they have been doing in their economies. AI, digital transformation, digital central bank’s money, really large corporations and banks, globally leading universities, sophisticated SEs, a focus on electricity and security-centered future industries, just to name some of our rival’s challenges, that also offer us opportunities.
Governor Matolcsy, MNB, the Central bank of Hungary