Elena Panaritis

Elena Panaritis

Institutional economist & former member of the Greek Parliament

The conversation about the need to compete with emerging markets like China and India is mute. Europe does not need to compete with these countries. Europe needs to compete with Europe in order to move to the next level, become efficient and spur innovation and herald a new wave of development and growth.

To do this, Europe needs to start looking ahead and focus on the so-called Blue Ocean Strategy as regards its economic development. Europe also needs to create new market space — getting a bigger Bottom Line — to render the competition irrelevant.

But even though innovation is the undeniable key to success, Europe seems to be stuck on a Red Ocean strategy (a market-share battle) — a conventional approach to business of beating the competition in an existing confined market space. This is one reason the European Union — one of world’s largest trading blocs — is a long way away from becoming the world’s most competitive.

This text was originally published on huffingtonpost.com.

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