EU must lead innovation race or cede power to US and China, economist warns
Nobel Prize winner Philippe Aghion says Europe risks losing influence if it fails to match investment and innovation from Washington and Beijing.
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Europe must accelerate its innovation efforts or risk allowing the United States and China to dominate global decision-making, according to Nobel Prize-winning economist Philippe Aghion.
"If we don't innovate, it will be China and the US making the calls," Aghion told EurActiv, underscoring concerns that Europe's competitive position is slipping.
The warning comes as the EU faces mounting pressure to boost spending on research, technology development, and green transition initiatives. EU policymakers have identified technological sovereignty as critical to maintaining strategic autonomy. Aghion's remarks align with broader EU strategy documents emphasizing the need for increased investment in cutting-edge sectors to prevent economic and geopolitical decline.