News Summary

• The world’s three largest continent-sized economies are moving in different directions.
• Each has its own strengths and weaknesses, though the balance appears to be more favorable in the United States and China than in Europe.
• China is becoming increasingly competitive in many high-tech, capital-intensive sectors, not least those once dominated by Europe.
• The EU does have a relative advantage in this new economic order, if only its leaders would recognize it.
• The US continues to lead in software, some high- tech sectors, and hydrocarbons.