Europe loses competitiveness against the United States and China. Energy costs and the industrial crisis hit the euro zone.
European public aid does not drive investment with the intensity that it does in the US. The disappearance of cheap Russian gas has meant, however, a significant loss of competitiveness, especially for German and Italian industries. But the good news is that the second half of last year could have recorded a surplus after seven consecutive quarters of deficits.. Energy-intensive exports are weighing down very markedly down sales abroad.