US creates it, China copies it, Europe regulates it #europe
By Sander SaarPublished Updated Length
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US creates it, China copies it, Europe regulates it #europe
The host discusses the economic challenges facing Europe using findings from Mario Draghi's competitiveness report. He highlights data showing that between 2019 and 2022, the EU passed 13,000 legislations compared to 3,000 in the US, alongside the impact of regulations like GDPR on tech profits. The video also covers issues such as demographic shifts, lower productivity growth relative to the US, and the relocation of European startups abroad.
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The EU competitiveness report and legislation disparity
The host highlights the saying about US innovation versus EU regulation, citing Mario Draghi's competitiveness report showing the EU passed over 13,000 legislations compared to 3,000 in the US.
Demographic shifts and declining innovation
The presenter outlines impending workforce reductions, slowing productivity, and the departure of European unicorns to the US, urging for a shift toward nurturing innovation.
Transcript
There's a catchy saying: US creates it, China copies it, and EU regulates it. And it's now truer than ever with AI. Based on really quite honest take in the latest EU competitiveness report by Mario Draghi, in between 2019 and 2022, EU produced more than 13,000 pieces of legislation. In the same time, US produced 3,000. And if you look at the effects specifically on tech, the report found out that GDPR handicapped EU businesses have reduced the profits for small tech companies by more than 15%.
It also noted that by 2040, EU will see more than 2 million workers leave the workforce every single year. And if the productivity is kept at pace, we'll only be able to keep the GDP at that level until 2050. We're not just losing people, but also companies and innovation. Since 2008, 30% of European unicorns have left, and most of them going to the US. It's time to flip the script, to make sure that the next big thing will not be regulated out of existence, but will be nurtured into reality.