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<p>The question facing Europe today is whether it can act not only under the pressure of crisis but also on the structural issues that determine long-term growth. For much of the past 15&#xa0;years, the euro area relied heavily on the rest of the world to generate growth. Last year, despite rising trade tensions, the euro area recorded its strongest growth performance in 3&#xa0;years—driven entirely by domestic demand. Government spending on defence and infrastructure is rising markedly whilst simultaneously supporting private investment. AI is providing an additional tailwind. Europe is also changing on the supply side: its private sector is showing that it is ready to adopt new technologies at speed. A recent survey finds that almost half of EU manufacturing firms are already using AI and big data, compared with less than a third in the United States. Europe’s industrial base—sometimes seen as a legacy of the old economy—may turn out to be its most important asset. The final barrier is institutional reform. Europe’s potential is immense: small changes in policy can unlock very large gains in growth. Europe has often been portrayed as too bound by rules to allow strong leadership, too diverse to let institutions flourish. But defining Europe in these terms would be underestimating its ability to adapt. Precisely because of its structure, the EU has often had to innovate in order to move forward. Today, its institutions are evolving so that decisions can be taken at scale.</p>

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Turning size into scale: Europe’s new growth model

  • 期刊论文

  • 发表日期：

    2026年4月17日

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  • Christine Lagarde

摘要

The question facing Europe today is whether it can act not only under the pressure of crisis but also on the structural issues that determine long-term growth. For much of the past 15 years, the euro area relied heavily on the rest of the world to generate growth. Last year, despite rising trade tensions, the euro area recorded its strongest growth performance in 3 years—driven entirely by domestic demand. Government spending on defence and infrastructure is rising markedly whilst simultaneously supporting private investment. AI is providing an additional tailwind. Europe is also changing on the supply side: its private sector is showing that it is ready to adopt new technologies at speed. A recent survey finds that almost half of EU manufacturing firms are already using AI and big data, compared with less than a third in the United States. Europe’s industrial base—sometimes seen as a legacy of the old economy—may turn out to be its most important asset. The final barrier is institutional reform. Europe’s potential is immense: small changes in policy can unlock very large gains in growth. Europe has often been portrayed as too bound by rules to allow strong leadership, too diverse to let institutions flourish. But defining Europe in these terms would be underestimating its ability to adapt. Precisely because of its structure, the EU has often had to innovate in order to move forward. Today, its institutions are evolving so that decisions can be taken at scale.