The surplus is a milestone that confronts Europe's lethargy and the weakness of productivity. Europe, our main export market and investment attraction, is losing ground in relation to the other large trading blocs.
The European export locomotive seems to have stalled, given the notable contraction of the external surplus (from 2.8% of GDP in the period 2015-2019, to 1.2% in 2023) Europe does not have an arsenal comparable to that deployed by the Biden administration, nor a coordinated strategy.