I feel that not only is Europe losing its independence to the US and China, but it does not even try to take part in the race. Unlike the US, Europe has no California-level VCs. I don't expect hundreds of billions of Euros to be poured into long-shot projects. Unlike China, Europe has neither cohesive public investment at the global level nor the drive to grow. Long-term investments have a lot of words, a lot of regu…
Some would consider that a good thing. There is a lot to be said for VC in recent years not being beneficial for the economy, certainly on an individual level, other than "number go up".