Yesterday’s show from the DLD conference was about the need for Europe to relearn the language of power. Today, things get even more dire for our European friends. I asked another DLD speaker, Carl Benedikt Frey, a Swedish economic historian who teaches at Oxford, whether it’s “game over” for Europe in terms of its ability to compete with American and Chinese big tech. His answer: not yet—but close. Frey’s last book, shortlisted for the 2025 Financial Times business book of the year, is entitled How Progress Ends: Technology, Innovation and the Fate of Nations. But it’s specifically Europe’s economic progress and the fate of European nations that most concerns Frey. Unless Europeans create a true single market for services, he warns, it really could be the end of the European dream of continent-wide progress. So no more crossroads for a continent perennially at a crossroads. And that single market, Frey explains, is ultimately a matter of political rather than economic will.

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