JPMorgan CEO Dimon: The European Union has a huge competitiveness problem

JPMorgan CEO Dimon: The European Union has a huge competitiveness problem

In a recent address at the inaugural meeting of Leaders for European Growth and Competitiveness in Brussels, Jamie Dimon, CEO of JPMorgan, underscored the significant competitiveness challenges facing the European Union. Dimon highlighted that while Europe's economic prospects are showing signs of improvement, the bloc still lags behind other regions, particularly Asia, in terms of growth and innovation.

According to Dimon, Europe's clean energy infrastructure is a key area where the EU needs to make significant strides. Currently, Europe has only electrified 23% of its economy, with a target of 30% by 2030. This is in stark contrast to China, which has already exceeded this level. Dimon emphasized that to boost competitiveness, Europe must focus on "everything, everywhere, all at once," including clean energy infrastructure, financial markets, strategic alliances, and technology [1].

The JPMorgan CEO also noted that Europe is underfunding its growth-stage companies by $375 billion, which limits their potential and forces them to seek funding elsewhere. This underfunding impacts Europe's technological leadership and economic growth. Dimon believes that Europe needs to adopt a different approach, shifting from a more tactical to a market-making strategy to create European champions and trillion-dollar companies that can compete globally [1].

Dimon's comments echoed the sentiments of other leaders at the meeting, who stressed the importance of collaboration, speed, and simplicity in achieving growth. Jesper Brodin, CEO of Ingka Group, which operates the retail chain IKEA, emphasized that Europe can no longer work in silos and must provide opportunities for dialogue and real-time collaboration [1].

The meeting also highlighted the need for Europe to embrace AI and digital revolutions. While the EU has allocated $23 billion in funding for AI gigafactories, CEOs from European countries urged the EU to stop its AI Act, citing concerns that it could put Europe's AI ambitions at risk [1].

In conclusion, Jamie Dimon's comments at the Leaders for European Growth and Competitiveness meeting underscored the urgent need for Europe to address its competitiveness challenges. By focusing on clean energy, financial markets, strategic alliances, technology, and collaboration, Europe can enhance its economic prospects and secure its position in the global economy.

References:
[1] https://www.weforum.org/stories/2025/07/europes-competitiveness-agenda-everything-everywhere/