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Europe does not lack capital - it lacks scale

Antonin Bergeaud, Andre Loesekrug-Pietri and Jean Tirole


Even the best start ups cannot thrive sustainably in an environment where each country protects its national champions, and where administrative barriers prevent the emergence of truly European ones. If Europe wants to be a technological power, it must finally implement a genuine single market.


6 January 2026


Project Syndicate


https://www.project-syndicate.org/commentary/eu-technological-innovation-suffers-from-lack-of-market-scale-and-incentives-by-antonin-bergeaud-et-al-2026-01

This Blog is published under the centre's Growth programme.

This publication comes under the following theme: Innovation drivers