European leaders have long looked at the United States’ economy inenvy, for several reasons; one being the presence of technology giants, which the European economy seems incapableof producing. The reason may lay in the distinct ways the US and EU's policies approach innovation and economic growth, which in itself arises from varied policy structures, business environments, cultural attitudes toward risk, and other social, economic, and cultural characteristics.
Emulating a US-style economy to allow for Silicon Valley-style technology dominance might mean giving up several of these characteristics, which in itself entails costs and benefits. As European leaders are advocating to make our economy more tech giant friendly, the question that should be asked is “What will be the tradeoffs?”.