"And the EU's fiscal rules mean there’s little public money to spend on moving toward green energy and building up the defense industry in the face of Russian aggression.

“We need to finance risky innovation projects to catch up the technological gap with the U.S."

That sums it up. You can't win on all fronts. US already destroyed the bank sector in Europe and now the automotive industry can't compete with the Americans because we need to have a war.