I last wrote about Europe’s economy about five months ago and I had said that the EU needs to come to grips with the geo-economic challenges that it faces. In that piece, I had focused on the deep dependencies that Europe has developed with large powers such as the US and Russia, and perhaps also with China more recently. I think that they need to overcome these dependencies and develop strong domestic capacities, especially in light of the Mario Draghi Report on improving Europe’s competitiveness and the need for reforms.