No more protected markets, national champions, and the rest of it. Europe needs to develop a distinctive story about entrepreneurship and innovation. I'm thinking of social renewal and regeneration as much as job creation. I'm thinking about creativity, learning, discovery, social value. That's what the European story is going to be about.
Silicon Valley is fantastically impressive, but it has high costs as well.
They suck talent from the rest of the world. Only a few places in the world can do it. They also completely lack any kind of public-policy capacity. So there are huge problems with transport, education, crime, housing prices. Eventually, the region is likely to come to a grinding halt.