What is Europe to do? With most of its software now coming from the United States and most hardware from China, there’s the risk Europe could lose large parts of its industrial base and still not be at the races in advancing new technologies.

Worse, America and China both seem to think they can make their countries great again at the expense of Europe. There is talk of a new G2 world order, in which both countries are willing to let the other have hegemony over their own hemisphere.

Europe’s biggest security risk will come from not having the best AI capability to defend itself from cyber attack. We will still rely on the US for defence in this sphere, when it is undermining every multilateral institution and threatening Europe at every turn.

The bigger economic risk comes from China, which vows support for international co-operation while maintaining high fiscal deficits, an undervalued currency and a massive trade surplus in a macro economic strategy which undermines any stable economic order.

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