Climate change and social inequality: these are without a doubt Europe’s two major challenges today. We know that they are urgent. We also know that capitalism as we know it, and as it has prevailed since the 1980s, has not tried to resolve them, quite the opposite. Finding solutions to our major challenges requires questioning the current economic model, and shifting towards a responsible form of capitalism. Facing crises such as Covid-19, fighting climate change, reducing social inequalities - these are the main drivers that should push Europe’s economic strategy.
Europe has the potential to reinvent capitalism and to mobilize the actors that operate within it, in a way that can ensure a safe and sustainable future for all. Corporations and decision makers can no longer shy away from the capacity they have to generate change through the business world. A new model of capitalism that thrives on value-creation for all its shareholders is possible.
By offering to facilitate the development of a responsible form of capitalism, together with the French think tank Comité Medicis, we are seeking to provide a concrete path towards this direction. Various forms of this model already exist in Europe, such as cooperatives and foundations. However they often face regulatory and financial obstacles. Europe must be able to keep thriving economically in a way that is sustainable and that aligns with its core values, all while ensuring its place within globalization.