EU should create more world-leading companies

“Europe retains many world-leading firms but Europe’s performance in developing more of them is insufficient. Since 2010, the EU has created only 29 Unicorns with market valuations of more than $1 Billion compared to 139 in the USA and 81 in China”, BusinessEurope President Pierre Gattaz said at a press breakfast ahead of the EU summit and the Tripartite Social Summit. He warned: “Europe today is home to only 24% of the global economy’s most profitable firms, compared to 36% in the late 1990s.” The EU should better support its companies in their efforts to invest, innovate, create jobs and upgrade labour skills. Presenting our Reform Barometer 2019, he indicated governments had failed to step up their reform efforts. Only 20% of essential economic reforms recommended by the EU would have been properly implemented. In view of the European elections in May 2019, BusinessEurope together with its EU Social Partners ETUC, CEEP and SMEunited published a joint statement, underlining that “the EU project has to remain resilient and strong and we, the European Social Partners, believe that it can continue to help us to face our challenges and design a brighter future for Europe, its citizens, workers and enterprises”. See also our business message for the 2019 European elections.