Europe Proved It Can Innovate During the Pandemic. Now It Has to Figure How to Benefit From It.
The European Union was quick to create innovations during the Covid-19 pandemic, successfully cranking out a series of developments aiming to protect individuals and combat the public health crisis. EU leaders are currently finalizing plans to release almost $1 trillion into the EU’s struggling economy in order to reshape industrial policy and strengthen trade defenses. However, the EU must determine how its pandemic innovations apply to a post-pandemic world as vaccination rates are higher each day.
The EU’s economic programs seek to transform the region into a more digital, entrepreneurial, and environmentally friendly bloc. These developments seek to counter reports that the bloc fell into recession during the first quarter of 2021 while the US and China were able to recover with speed and effectiveness. The plans include funding towards the Next Generation EU recovery fund, the European Green Deal environmental program, and other technological industries that will push the EU into the next decade of innovation, leveraging momentum from the policy-making race during the pandemic.