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Innovation, McKinsey: "Europe lags behind China and US"

Innovation, McKinsey: “Europe lags behind China and US”

Marco Piccitto, director of the McKinsey Global Institute, guest on Sky TG24 Business: “Our continent needs more investments on the scale of the USA”. Watch the video

Europe requires large-scale investment, as is already the case in the United States. This is a warning from Marco Piccito, Director of the McKinsey Global Institute, guest on an episode of Sky TG24 Business. “You need scale and speed. This scale is delivered by agencies that drive innovation in a coordinated way, as has been the case in the United States for years.

European CHIPS legislation is moving in the right direction

deepens


EU ready to plan to reduce dependence on chips from Asia

The EU Chips Act, a package of more than 43 billion euros by the European Commission, will be a beacon to bridge the old continent’s gap in the semiconductor manufacturing sector and avoid dependence on Asian countries. “In chips, the European scale is finally comparable to the American scale. I think the reason for the chips’ performance is more for security. value chain Instead of an innovation, the chip is now a foundational technology, and while it’s important, “major investment projects like chips, according to the director, can also be adopted for other technologies. Integrated procurement programs.” 45% of the US procurement budget is federal, while in Europe only 0.2% is federal. For companies, having a single buyer is a very attractive quality.

Europe still lags behind China and the US

According to Pisito, the gap in the innovation sector between the old continent and Asia and the Americas is still wide. “We analyzed 10 innovative technologies such as blockchain, cyber security and applied artificial intelligence. If we compare Europe, America and China, our continent is only 2nd in at least 8 technologies. As Europe, we are leading on the green technology side and looking for innovative materials, but we are very behind in other technologies.

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Other themes of the chapter

In the Sky TG24 Business episode on October 19 (Review it here), a place to comment on the markets Orieta Ceriani from Limitation of capital markets and to the Trudeau government’s turnaround on fiscal policies Francesco Castelli, Chairman of Fixed Income Banner Capital.