Epilogue: Aspirations and Reality

The Epilogue contrasts Europe’s ambitions with its policy’s tangible outcomes. Despite its technological potential, highly educated population, and notable research achievements, Europe struggles to assume a leadership role in digital markets. A significant aspect is the entrepreneurial culture prevalent in the US, which seems less pronounced in Europe due to cultural and institutional differences. As encapsulated in the Solow Paradox, the gains in productivity and thus economic growth expected from investments in ICT do not necessarily materialise. Yet, while Europe has not seen similar advances, the significant surge in productivity experienced in the US from the mid-1990s to the mid-2000s is attributed mainly to ICT. Among other factors preventing a direct correlation between digital policies, investments, and increased productivity, Europe’s digital policies may be overly ambitious and complex. The analysis suggests that the productivity benefits of digital technologies require time and the adaptation of individuals and organisations to fully emerge. Addressing European structural weaknesses, the text advocates for comprehensive macroeconomic reform, integrating digital policies into a broader agenda. This would entail addressing regulatory complexity, achieving scale through internal market consolidation, and strategically utilising public procurement to support digital innovation. The conclusion of this book urges a reorientation of Europe’s digital strategy, suggesting that less regulation, structural reforms, and a focus on entrepreneurship are crucial to unlocking Europe’s digital potential and fostering a generation of tech entrepreneurs with global impact.