Apparently, the other panelists had equal doubts. Daniel Bouton, CEO of Societe Generale, said that too many barriers to capital formation still exist in the public sector. Michael E. Porter, professor of business administration at the Harvard Business School, identified five key economic weaknesses he believes are keeping Europe from attaining its full potential. For instance, the internet, with all it has done to open borders and promote communication between people the world over, has also separated those who have access to information technology from those who do not. To begin, there needs to be a stronger political agenda for Europe.
Deep divisions are evident, which requires greater European harmonization in areas like taxation.
A common base tax system would enable Europe to compete more effectively with North American markets. Also, Europe needs to sell itself better, especially among its citizens. Ideas such as a single passport, single license plates, and other marketing schemes were discussed. Europe is also hampered by policies that restrict competition. Agriculture was cited as one example.