How the Draghi report could affect future EU-US relations

well I I I think I'm grateful for this question because it's natural that after 40 years 50 years of talking about competitiveness and translate lower labor cost translate lower salaries translate more more flexibility and so on people are naturally used to think about competitiveness in that in those terms nothing of the sort is in this report this the reason in is very simple that's not where competitiveness is actually played it's not on the labor cost or not not primarily on the labor cost I'll tell you why we look at growth we see this difference then we ask ourselves why is that so then we look at the US economy and we see the most much most of the productivity is concentrated in the Hightech sector so we did this experiment we took the high-tech sector out of the US economy and we asked the question how are the two continents comparable how is productivity now well as a matter of fact in European Union productivity has been slightly better than it was than what it was in the United States if you take the Hightech sector out so the answer cannot be labor cost flexibility and all this has to be Hightech for Hightech the main point is innovation exactly skills and that's the answer thank you thank you very much

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