Europe Does Not Lack Capital - It Lacks Scale

In an op-ed for Project Syndicate, professor of economics at HEC Paris Business School Antonin Bergeaud and co-authors André Loesekrug-Pietri and  Jean Tirole refute the idea that Europe’s innovation gap stems from a lack of capital. They explain that fragmented markets, regulation and incentives prevent startups from scaling up, and that injecting more funding without completing the single market will not produce global tech champions.