Comment by Sol-
6 days ago
The EU simply doesn't have a proper common market, especially when it comes to capital. Having more people than the US and a big economy in aggregate doesn't matter much if you can't efficiently pool resources. Could we in Europe have 100 billion fundraises for a new lab? If not, then it's over and you can give up.
I agree with your analysis, at least as long as we shall remain strictly inside the free market methodologies. And having a common capital market would be good no matter what.
But there are other ways to pool resources than the free market. Airbus was not made dynamically in a market, neither was the LHC. 100 billion € is a lot, it's half of the total allocated aid from Europe to Ukraina. Which can be read in two ways, either 'helping Ukraine is already weighing us down, another similar cost is too much for some IT toy ', or 'Europe has the ability to collect massive amount of capital when it needs to, and AI is a existential threat which justifies it'.