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<p>This paper examines the prevalent notion of an “investment gap” in Europe. By using data from different sources, we come to three conclusion. First, as a share of GDP, overall investment is higher in Europe than in the US. Second, where Europe significantly lags is in intangible investments, especially in R&amp;D and software. Third, this is due mainly to a composition effect, since European industry is concentrated in mid-tech sectors with low research intensity. We conclude that the current public financing initiatives at the national and EU level that focus mainly on tangible low-risk and thus low-return projects do not foster high-tech industries and innovation, and thus ultimately do little to increase long-term growth in Europe.</p>

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The EU investment gap is really an R&D gap

  • 期刊论文

  • 发表日期：

    2025年7月12日

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  • Daniel Gros,
  • Philipp-Leo Mengel,
  • Giorgio Presidente

摘要

This paper examines the prevalent notion of an “investment gap” in Europe. By using data from different sources, we come to three conclusion. First, as a share of GDP, overall investment is higher in Europe than in the US. Second, where Europe significantly lags is in intangible investments, especially in R&D and software. Third, this is due mainly to a composition effect, since European industry is concentrated in mid-tech sectors with low research intensity. We conclude that the current public financing initiatives at the national and EU level that focus mainly on tangible low-risk and thus low-return projects do not foster high-tech industries and innovation, and thus ultimately do little to increase long-term growth in Europe.