- US: 35%
- China: 33%
- EU avg: 50%
The disparity is again similar for interstate integration (in the US) and inter-province integration (in China) vs. inter-country integration (in the EU) being the outlier.
Europe needs deeper inter-country integration and more decentralization of capital to private market participants (less taxation).
Europe can play Soviet-protectionism and build the digital-equivalent of the Lada all it wants, but the above issues are the root cause of why Europe is lagging behind the other two in terms of growth and innovation.
You can't build a tech industry without venture capital and a big cohesive market to sell into, and you can't build a venture capital industry without deep pools of decentralized, risk-tolerant private capital.
[1] https://www.imf.org/external/datamapper/exp@FPP/USA/FRA/JPN/...