Survey of more than 250 CEOs on key economic issues reveals the way forward for Europe
INSEAD, the leading international business school, has partnered with Accenture and the Federation of Enterprises in Belgium (FEB) to develop a report entitled, ‘Putting Europe Back on Track.’ The results of the study were issued today at the European Business Summit 2010 in Brussels. Sponsored by Microsoft and Shell, the report surveyed more than 250 chief executive officers (CEOs), as well as leaders from the public and private sectors, to collect their insights on key aspects of the European economy.
As part of the report, the European business leaders identified several factors that will influence Europe’s recovery and indicated specific avenues for action:
- Europe can recover and become stronger. CEOs believe that Europe can recover from its current turmoil and be strengthened in the process. However, many are concerned by the slow pace of action and the disjointed way in which the dual objectives of ‘return to growth’ and ‘budget rigour’ are being pursued.
- Innovation will be at the core of Europe’s recovery. European CEOs continue to see areas like ‘clean tech’ as promising. They also consider that additional efforts are needed to allow small and medium-sized enterprises (SMEs) to play their role fully in this area, and to create jobs in the process. They see the production of enhanced skills as critical to these new jobs.
- The quality and diversity of its people will remain Europe’s biggest advantage. This richness is critical for innovating. European CEOs consider that Europe is more than a 500 million people market; it is also a powerful idea based on the combination of growth and solidarity. Openness to the world and diversity remain highly critical to the future of Europe.
‘To reinforce the foundation of talent in the region, it will be critical for Europe to foster its entrepreneurial spirit,’ said J. Frank Brown, Dean of INSEAD. ‘Europe already has success stories for building entrepreneurial skills. However, scaling these successes will require even more ambitious collaboration between the public and private sectors.’
In addition to collecting opinions from CEOs and business leaders, the report offered a common ‘line of vision’ to the various sessions of the 10th edition of the European Business Summit. The report is hence organised along twelve separate themes, including a focus on topics such as green innovation, SME growth, the influence of Asia, and consumer confidence.
‘The survey gives food for thought to ourselves in the business community and to European political leadership. CEO’s are still in doubt on the stability of the financial system. They point at the slow pace at which we digitalize our economy and society and at the fragmentation of our R&D efforts. But they are ready to invest in innovation and expansion overseas. In that respect, the survey clearly indicates that our business needs an extended highway bridge between Europe and Asia’, said Rudi Thomaes, Chief Exective Officer of the Federation of Entreprises in Belgium.
Soumitra Dutta, The Roland Berger Chaired Professor of Business and Technology at INSEAD, and Bruno Lanvin, main author of the report and Executive Director of INSEAD’s eLab, are as speakers and moderators at the Summit. More than 2,500 participants including CEOs and top executives, (Prime) Ministers, European Commissioners, and media are attending this year’s event.
“With the global economy now coming out of recession, we’re seeing the contours of a different global economy taking shape with a resurgence of what Accenture calls the ‘multi-polar world.’ This is a world characterized by the diffusion of economic power and influence to a number of different poles around the global economy,” said Jo Deblaere, Accenture’s chief operating officer. “What Europe needs to do is look beyond the cyclical effects of the crisis and harness some of the underlying longer-term trends, such as aging populations and increasing economic multipolarity,to its advantage.”
‘Europe must look to its founding principles and its long-term advantages and strengths to identify priorities and actions that can solve its present problems without mortgaging its ability to be a world leader once better times come around,’ said Lanvin.
More information about the European Business Summit can be found at http://www.ebsummit.eu/.
