At the end of the year 2025, all economic players agree that Europe's economic and financial situation is worrying, and that there are many issues at stake. However, it is no doubt worth trying to list them, by presenting a few figures, and highlighting some avenues for recovery, or a new start. A growing productivity gap Compared with its international competitors, the European economy is suffering from a growing productivity gap. Whereas GNP per capita was on a par with the United States in the 1990s, today it is 20% lower than that of the latter, and the main reason for this is the shortfall in labour productivity[1]. One of the main causes is the lack of innovation in European companies, particularly in the technological field. Spending on research and development, for example,...