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As Europe grapples with its economic slowdown compared to the United States, IMF chief Kristalina Georgieva urged European leaders at Davos to adopt a more confident approach similar to their American counterparts under President Donald Trump’s administration.
The World Economic Forum in Davos this week highlighted Europe’s growing concerns about losing its competitive advantage, as the European Union scrambles to bridge the widening gap with the United States.
"Europe has a unique social market economy.
Our capacity to invent and create is underappreciated – Europe's global share of patent applications is on par with the US and China.
/div>But the world is changing. So must we."
— President @vonderleyen at #WEF2025 pic.twitter.com/wGjbsiWDoR
— European Commission (@EU_Commission) January 21, 2025
During the forum’s final economic outlook panel, Georgieva emphasized the stark contrast in attitudes between the two regions. “The United States has a culture of confidence. Europe has a culture of modesty,” Georgieva said. “My advice to my fellow Europeans is more confidence. Believe in yourself and most importantly, tell others that you do.”
European Central Bank President Christine Lagarde expressed her concerns about retaining European talent and stressed the urgency for leadership action in response to America’s resurgence under Trump. She emphasized that European leaders need to unite and address what she described as an existential threat, noting the region’s significant untapped potential.
Germany is the largest economy in Europe, but it isn’t pulling its weight to defend Europe’s sovereignty against Russian aggression.
Germany’s current spending by share of GDP wouldn’t even place it in the top 10 nations in terms of financial support for Ukraine. pic.twitter.com/Z82wucbEQn
— John Kennedy (@SenJohnKennedy) March 17, 2023
President Trump, addressing the gathered European business and political elite through a virtual speech on Thursday, took aim at Europe’s trade practices. “I’m trying to be constructive because I love Europe,” Trump said. “They do treat the United States of America very, very unfairly with the bad taxes.”
In response to Trump’s criticisms, Lagarde acknowledged the need for diplomatic discussions with the United States, while emphasizing the importance of maintaining structured trade relationships. She stressed that any negotiations must respect established frameworks and institutions rather than dismantling existing rules.
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