WEF Official: Europe Cannot Be Self-Sufficient in Critical Raw Materials
Andrew Caruana Galizia says Europe should focus on its internal market despite wealth gap with Americans.
Quick Look
Andrew Caruana Galizia of the World Economic Forum states Europe cannot be self-sufficient in critical raw materials and must focus on its internal market, noting that Europeans build wealth slower than Americans despite saving more.
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Why It Matters
Comments from Andrew Caruana Galizia regarding European economic standing and resource dependency.
Andrew Caruana Galizia, Head of Europe and Eurasia at the World Economic Forum, believes there are certain areas where Europe "will never be able to be self-sufficient, like critical raw materials". But he insists "best thing Europe can do" is focus on its own internal market.
Caruana Galizia also said that Europe has "the best savers in the world". Despite this, the "real tragedy" is that they are "poorer than Americans". Even if Europeans save "twice as much as Americans", they are "unable to build up wealth at the same rate as Americans", Caruana Galizia said.
Open Questions
- What specific internal market reforms are proposed?
- How can Europe bridge the wealth accumulation gap with the US?
