Core Viewpoint - The article discusses the declining economic competitiveness of Europe, emphasizing the need for a growth agenda to address this issue, as highlighted by JPMorgan Chase CEO Jamie Dimon and former ECB President Mario Draghi [1][4]. Group 1: Economic Competitiveness - Europe has seen a decrease in the number of companies in the Fortune Global 500, dropping from 142 in 2004 to 98 in 2024, indicating a lack of new industrial or technological giants [1]. - The economic growth in Europe has been sluggish compared to the US and China over the past decade, leading to concerns about its global GDP share [1]. Group 2: Energy Independence and Decarbonization - Draghi linked Europe's decarbonization commitments to economic competitiveness, stating that without plans to pass on decarbonization benefits to end users, energy prices will continue to hinder growth [4]. - The high industrial electricity prices in Europe, which can be 2 to 4 times higher than those in the US, pose a significant challenge to competitiveness [4]. Group 3: Geopolitical Context - The current geopolitical landscape has shifted, with Europe no longer able to rely on cheap Russian energy, Chinese export markets, or US security guarantees, creating a sense of urgency for energy independence [5]. - The need for energy independence is a key issue being addressed by the new European Commission under Ursula von der Leyen [5]. Group 4: Infrastructure and Market Reforms - There is a call for investment in infrastructure and energy networks to diversify energy sources, as highlighted by business leaders from companies like SAP and IKEA [6]. - Proposed reforms include the introduction of a "28th regime" to facilitate easier operations across European markets without the need for separate entities in each country [7]. Group 5: Coordination and Execution - The article emphasizes the importance of coordinated energy strategies among European nations, moving away from bureaucratic and slow progress to a more unified approach [8]. - The ultimate goal is to accelerate the development of local energy sources like wind and solar power through better execution and collaboration among countries [8].