These new technologies will carry the lion's share of growth in the new knowledge based economy. Even if Europe has undisputed leadership in mobile telecommunication, we are not leading the race along the information highway. The European economy needs to be much more dynamic. Too many markets are still fragmented. There is not enough enterprise and too few entrepreneurs.
Barriers abound in the capital markets.
The macro-economic outlook is more favourable than it has been for a decade, but the European economy is frankly speaking not ready for the paradigm shift to the new economy. The challenge before us is to turn Europe into a world-class competitor. To make it more dynamic, entrepreneurial and rich in jobs. Such a challenge is not only compatible with traditional European social and cultural values. It is key to their preservation in a context of globalisation, knowledge-based affluence and rapid demographic change.