 This is a critical time for Europe. Recent years have seen stagnating economic growth, rising unemployment and sovereign debt crises in several European countries. The European Union comprises 7% of the world's population and is home to almost 40% of global top universities and yet 12% of its population are unemployed at the end of 2013, with notable differences across countries. More than 50% of young people are jobless in some countries. There is widespread agreement that the root causes of this crisis lie in the lack of competitiveness, the productive potential of many countries, which also affects the capacity of many of these countries to grow in a sustained manner. How do we build Europe's competitiveness? Gains have to come from Europe's skilled workforce, productivity enhancing investments, partnerships in innovation, education and information and communications technology. Gains will also come from reforms in the functioning of markets, with enhanced competition in the service and network sectors, and further flexibility in the labour market. We urgently need these investments and competitiveness enhancing reforms to sustain recovery and close the gap between much of Eastern and Southern Europe and the highly productive North. Ensuring access to affordable credit and further lending for research and development and strategic and necessary infrastructure is essential for long-term growth prospects in Europe. It is no time to be complacent or give into reform fatigue. Rebuilding a coordinated European effort to raise competitiveness is crucial for addressing challenges and leading all of Europe's economies towards rising levels of prosperity.