The EU needs to catch up in digital services

European economies have only just started to reap the potential benefits from digital innovations. The US enjoys a large trade surplus with the EU in ICT and potentially ICT-enabled services, suggesting that European companies are lagging behind US firms in exploiting the commercial opportunities from digitisation.

European institutions and Member States need to put the right framework in place to ensure European industry invests in the opportunities offered by digital innovation. Europe should take a global lead in establishing industry standards.

Source: McKinsey;
BEA (US Bureau Economic Analysis), Eurostat