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00:00Now more than ever we have to lean on productivity, but productivity is weak, it's very weak.
00:11So if we were to maintain our current average productivity of the last five, of the last ten years, say,
00:19it would only be enough to keep GDP constant until 2050.
00:25Namely, we want to aim at closing the innovation gap with the United States.
00:31Innovation is the first pillar of the report.
00:36Europe is nowadays stuck in a static industrial structure populated by mid-technology companies which are already mature.
00:50The problem is not that we lack smart people and we don't lack certainly good ideas,
00:57but there are too many barriers to commercialising innovations and scaling the map in the European Union.
01:07We want decarbonisation to be a source of growth.
01:14If all policies are in sync with our climate goals, and as we will see later in our conversation, it's a big if,
01:24decarbonisation will be an opportunity for growth.
01:29But if we fail to coordinate, there is a risk that decarbonisation could run contrary to competitiveness and growth.