Announcing both publications, the Chairman of ERT’s Competitiveness & Innovation Committee and Chairman of the Board of Executive Directors of BASF, Dr Martin Brudermüller, said “Europe is facing enormous challenges, but the good news is: we can turn these challenges into opportunities if we build on our unique strengths: our common EU values, the Single Market and innovation. Industrial companies create solutions for the societal challenges we face. We need to strengthen innovation and enhance the competitiveness of EU industry to provide jobs and prosperity for our citizens. Let us all work together, industrial companies, policy-makers and societal stakeholders from the start of this political new cycle to transform today’s challenges into opportunities. To benefit European society!”
The data reported in ERT’s Benchmarking Report  for 2019 shows how vital it is that Europe quickly unites behind an ambitious, long-term industrial strategy. Findings include:
- European R&D spending rates (measured by intensity) are now below the OECD average, and below both China and the US
- European growth rates are significantly below the global average
- Overall economic productivity in the EU is just 75 per cent of that in the US
- The share of European companies in the Fortune 500 has declined from 32 per cent in 2010 to 23 per cent in 2019
- The number of patent applications in the EU is lower than in the US and China in the ICT sector and lower than in the US and Japan in the biotech sector. Europe performs worse than the US and China in terms of the share of ‘unicorns’
ERT Members have also reiterated their own commitments, set out in detail earlier this year, in six pledges announced in Strengthening Europe’s Place in the World, launched in April.
Both the industrial strategy paper and Benchmarking Report are being released in Brussels today (9 December) at a special event organised by POLITICO, attended by the new Executive Vice-President of the European Commission Margarethe Vestager and other distinguished speakers.
For more information on the POLITICO event Scaling Up Europe: creating Global champions? - including a livestream (from 16:00 CET on 9 December), go to: https://www.politico.eu/event/scalingupeurope/
 For full list of Members of ERT, click here
 To read the ERT industrial strategy paper, Turning Global Challenges into Opportunities, go to: https://ert.eu/documents/turning-global-challenges-into-opportunities/
 To read the ERT Competitiveness and Industry Benchmarking Report 2019, go to: