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There’s this growing reputation that’s Europe has broadly lost the tech race to the US and Asia and so now it’s seeking to be the de facto world regulator of tech as some sort of consolation prize to gain global influence. Not entirely fair, but also not entirely inaccurate either.

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The EU has lots of tech, just less of the tech that's overvalued (like ad-tech, social networks, ride sharing systems). Perhaps the EU needs better PR so they can attract more investors.

Germany has lost the race for renewable energy against China, and it is losing the race for EVs against both the US and China. Two tech sectors that will generate immense wealth. Around 30% of Germany's GDP depends on the automotive market. There are whole factories in Germany that design parts that will soon be completely obsolete, and they're not adjusting any of their strategies. The EU has most definitely lost the tech race.

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