11 september 2026

Europa

In our 2025 paper, we argued that making Europe's investment revival last would require reforms to improve competitiveness and channel more of its savings into productive investment. A year on, the focus is increasingly on execution. Geopolitical fragmentation, the AI buildout, and the energy transition are converging, exposing physical bottlenecks and making clearer where investment is needed. For Europe, that means building more across three connected areas: security, energy and technology. Higher real rates and competing fiscal demands add to a difficult macro backdrop. That is why we focus on more granular opportunities in the sectors and companies positioned around these capacity needs.

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