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flag Nobel economists urge Europe to boost innovation spending to close tech gap with U.S. and China.

flag Nobel laureate Philippe Aghion, along with co-recipients Joel Mokyr and Peter Howitt, has urged Europe to close its growing technological gap with the U.S. and China, warning that decades of reliance on incremental innovation—due to weak policies and institutions—have hindered progress. flag Speaking after winning the 2025 Nobel Prize in Economics, Aghion highlighted the need for major reforms, including annual EU investments of 750–800 billion euros as recommended in the Draghi report, to build a stronger innovation ecosystem. flag The prize recognized their work on how "creative destruction" and long-term innovation drive economic growth.

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