Since the beginning of the 21st century, Europe has been plagued by the decline of competitiveness. In 2010, the EU clearly proposed that R & D innovation should account for an average of 3% of GDP every year in the newly promulgated Europe 2020 strategy. However, under the impact of the debt crisis, countries are busy tightening finance, and innovation has been ignored. According to the latest statistics of the EU, in 2011, In the next few years, due to the restrictions of public debt and fiscal contract, the fiscal policies of EU countries will remain tight on the whole, and the funds that can be used to stimulate R & D are limited, which means that the innovation dilemma is difficult to improve, It fundamentally determines that European economic growth will lack an engine.
the root cause of the declining competitiveness of Europe?
Insufficient innovation due to fiscal austerity