For some time now, we in Europe are facing a perfect storm. Geopolitical crises are casting a shadow over the European economy. The unpredictable trade policy of the U.S. keeps threatening, without warning, to raise tariffs and erect trade barriers – a toxic scenario for free global trade and export-oriented companies. Meanwhile, China is no longer merely a low-cost manufacturer but has become a highly aggressive technological competitor that, with its tremendous speed, threatens to outpace key European industries in future-oriented fields. What is often perceived as pure technological supremacy or even innovative strength is, however, largely the result of a well-targeted governmental industrial policy.
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