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7 16. Shareholders only have voting rights because they have a residual claim rather than a fixed right to receive interest, as in the case of creditors. 8 The fall of the Berlin Wall marked the start of a period of economic catching up by economies in Central and Eastern Europe. Europe can, and should, continue to leverage its many strengths. 17 Three signs that you might be suited for a career in technology. In biotech, Europe has a strong science base and a robust pool of talent, and it proved during the pandemic that it can innovate. 5 Call us: Never miss an insight. This largely reflects the fact that Europe missed the boat on the last technology revolution, lagging behind on value and growth in information and communications technology (ICT) and on other disruptive innovations. This article discusses these economies as a region, but we acknowledge that Europe comprises independent countries, often with very different economic profiles. location.telNoTitle+' '+location.telNo:''}}, {{location.mobileNo? P: +49.89.2323.7733. Discover the ease and convenience of having online access to your Raymond James accounts. We exclusively represent the interests of our clients with focused efforts in M&A, financing, restructuring and secondaries optimizing transaction terms and customizing financial instruments to reflect our clients strategic and financial needs. McKinsey research finds that reaching net zero by 2050 would require $9.2 trillion in annual average spending on physical assets, $3.5 trillion more than today. 16 Eleven European countries are in the top 20 for the Program for International Student Assessment scores compiled by the OECD; the United States ranks 25th. Gross exports have accounted for 11 percent of Europes GDP over the past five years; in the United States, the share is 7 to 8 percent. The dataset is refreshed by the hour, meaning that lists are near real-time. Germany The Firm also ranked among the top 25 in 10 practice areas: bankruptcy, competition, environmental, insurance, intellectual property, labor and employment, mergers and acquisitions, product liability, real estate, and securities and white collar litigation. Theresienstrasse 1 For instance, see Why European strategic autonomy matters, European External Action Service, December 2020. We strive to provide individuals with disabilities equal access to our website. Shaping the future of digital economy and new value creation, World Economic Forum. Username or 'M '+location.mobileNo:''}}, Dentons named Top International Law Firm in the JD Supra 2020 Readers' Choice Awards, Reminder for US and non-US investment advisers to file their annual amendments to Form ADV by March 31, Digitalization in Germany proposal to allow securities to be issued electronically, Dentons advises 5N Plus in its acquisition of AZUR SPACE, Dentons assists Aya Gold & Silver Inc. in the upsizing and closing of its C$26,225,000 underwritten private placement, Securities and Corporate Finance in Europe. Eric Hazan is a McKinsey senior partner in Paris. The war has accentuated the reality that resilience depends on a strong economy with strategic autonomy in these critical areas that has long been taken for granted. How can CFOs rebrand themselves as innovation allies? Your Raymond James advisor will help you prepare for lifes major financial milestones and every moment in between. However, the stakes are so high for Europe that decision makers may want to consider breaking new ground and reevaluating trade-offs in a way that has been uncomfortable heretofore. These industries tend to make large investments in property and plant, have a large share of medium-skill labor, do not tend to focus on patenting, have a high share of tangible assets, and offer products focused on goods. Securing Europes future beyond energy: Addressing its corporate and technology gap. Technology is now permeating all sectors via transversal technologies such as artificial intelligence, the Bio Revolution, and the cloud. Eleven European countries are in the top 20 for the Program for International Student Assessment scores compiled by the OECD; the United States ranks 25th. Look to us to respond with sound advice on public and private offerings of equity and debt securities, compliance with securities laws and disclosure, the filing requirements of stock exchanges and dealings with oversight bodies. Discussion Paper - McKinsey Global Institute. Dentons was named Top International Law Firm in the JD Supra 2020 Readers Choice Awards. Much discussion has been taking place about energy dependence and autonomy, but geopolitical shifts also accentuate the need for strategic autonomy on critical technologies. Our credentials involve business enterprises ranging from some of the worlds largest companies to middle-market and emerging businesses. The European Union (EU) was created in response to the ravages of World War II. 18. Unless tackled, this crisis will handicap Europe on many dimensions, including growth, inclusion, and sustainability, and its strategic autonomy and voice in the world. Capabilities are assessed on the breadth of depth ofCorporate Finance offerings, advisory and implementation expertise in Corporate Finance, the track record of consulting projects delivered in the area ofCorporate Finance and the quality of thought leadership. 17. And it would amount to about 90 percent of all current social expenditure in Europe (Exhibit 5). Although there are debates over whether lower growth is needed to achieve sustainability and arrest climate change, the opposite argument is compelling: growth strengthens confidence and creates a healthy investment climate to generate sustainability-related innovation and new income streams that are needed to pay for the energy transition. The strength of Raymond James is reflected in both these ongoing accomplishments and in the consistent recognition we receive from our industry and our peers. Scope 2 (production-based) emissions. National Center for Employee Ownership in the United States; European Federation of Employee Share Ownership. However, investment in biotech varies among regions. A similar approach will also be needed to address its slow-motion technology and competitiveness crisis. This is true for critical transactions as well as when reviewing your financing options in the light of your mid- to long-term corporate strategy. For further context, this would be equivalent to six times the amount needed to transition to net-zero emissions. 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However, this is no longer true. Europe has six tons per capita of CO2 emissions, versus 16 tons in the United States, according to the World Bank. The broad concept is that Europe should not aim to do everything within Europe but should never rely on a single source. Jurica Novak is a McKinsey senior partner in Warsaw. Many have been topics of long-running debates and come with major trade-offs, yet this diagnostic suggests revisiting the current stance on them. The World Economic Forum estimates that 70 percent of the new value created in the whole economy over the next ten years will be digitally enabled, a momentum further accelerated by the COVID-19 pandemic (Exhibit 3). Both emissions per capita and emissions per unit of GDP have decreased faster in Europe than in the United States since 1990. 80333 Munich To understand differences in corporate performance, we used McKinseys Corporate Performance and Analytics Tool (CPAT) to examine a sample of more than 2,000 US and European companies with revenue of more than $1 billion. Matthias Evers is a McKinsey senior partner in Hamburg. At stake are not only the performance of Europes companies, its tech prowess, and its economic growth and prosperity, but also its progress thus far on sustainability and inclusion. Have a confidential conversation with our recruiters about what your business would look like as an advisor at Raymond James. Europes per capita GDP is still some 30 percent lower than that of the United States. Together, these sectors account for 90 percent of the ROIC gap, 80 percent of the investment gap, 60 percent of the growth gap, and 75 percent of the R&D gap (Exhibit 2). These industries tend to make large investments in property and plant, have a large share of medium-skill labor, do not tend to focus on patenting, have a high share of tangible assets, and offer products focused on goods. 4 overall in Law360s 2015 Largest Practice Groups Report, the annual ranking of the largest 100 US firms by global partner head count. Europes economic performance has been generally more uneven than that of the United States. 14. Please email us at: The Great Attrition is making hiring harder. A changing geopolitical landscape complicates and deepens that challenge. Username or 15. They tend to have high investment in R&D, a large share of high-skill labor, a high focus on patenting, a high share of intangible assets, and products that focus on services. It is 41 in the United States. We work with top executives to help them make better decisions, convert those decisions to actions, and deliver the sustainab Deloitte is the brand under which tens of thousands of dedicated professionals in independent firms throughout the world collaborate to provide audit, consulting, financial advisory, risk managemen Companies, investors and government entities around the world turn to Alvarez & Marsal (A&M) for leadership, action and results. 8. US consumer spending and sentiment remains strong, so far, A new look at how corporations impact the economy and households, McKinsey research finds that reaching net zero by 2050 would require $9.2 trillion in annual average spending on physical assets, $3.5 trillion more than today. The COVID-19 pandemic then triggered a higher level of fiscal coordination through the NextGeneration EU fund. To put the estimated value at stake into perspective, that would be equivalent to 30 to 70 percent of Europes forecast GDP growth between 2019 and 2040, or one percentage point of growth a year; six times the gross amount needed in Europe to achieve net-zero emissions by 2050; and about 90 percent of all current European social expenditure, or 500 monthly universal income for each European citizen. Bob Sternfels, Tracy Francis, Anu Madgavkar, and Sven Smit, Our future lives and livelihoods: Sustainable and inclusive and growth, McKinsey & Company, October 2021.