R&D spending needs to increase
China is now investing more in R&D as a share of GDP than the EU. Investment in R&D by the EU is significantly below the OECD average and now lags behind major competitors. The gap for business enterprise R&D is even higher than other sources of R&D.
In a world where competition is increasingly driven by the development of new technologies, investment in R&D is critically important. More needs to be done to close the gap between the worst and the best in Europe.