I wrote about Europe for the first time in a long

I wrote about Europe for the first time in a long time. Since last year, many people have said, "The gap between the U.S. and Europe has widened," "Europe has become poor," and even "Europe has fallen." As a former Europe team leader at KIEP, I wrote down some of my opinions as a person who makes a living from European research.

There is something else I really want to say, even though I have not been able to include it in the column due to various circumstances. Those who claim that Europe has become poor and that our country should employ and fire easier, use less renewable energy, ease environmental standards, and eliminate safety and technology regulations, perhaps that's what they wanted to say regardless of Europe. Are we in a situation like that.

I compared some of the indicators introduced in the column with Korea.

- Average weekly working hours (2022, OECD):
Germany 25.7 hours < EU 30.8 hours < US 32.3 hours < Korea 36.6 hours

- Top 10% Average Income / Bottom 50% Average Income Ratio (as of 2022, World Inequality Database):
Sweden 6.6x < Korea 7.4x < France 7.8x < Germany 9.5x < US 16.3x

- Industrial Accident Mortality Rate Per 100,000 (2021-22, ILO):
Germany 0.7 < Sweden 0.8 < France 2.6 < U.S. 3.7 < Korea 4.3

- Suicide rate per 100,000 (2022, OECD):
9.7 in Germany < 11.6 in Sweden < 12.5 in France < 14.1 in the United States < 24 in Korea

- Renewable Energy Power Consumption Ratio (2023, OWID):
Sweden 53.9% > Germany 24.4% > France 16.9% > US 11.7% > Korea 4.9%

Korea's per capita GDP is a little less than the EU average, but not only Europe but also the United States can match in terms of working hours, industrial accident death rate, suicide rate, and eco-friendly transformation. Inequality is also a little low. Korea has a system to some extent, but it seems that it is not being implemented. There is a framework, but the contents are not filled in.

In this situation, let's take off all the safety devices and do it like the U.S. for 'technological innovation'? I'm not sure. I'm not sure that's the right solution for our country.

I wrote in my column that I hope Europe will not give up protecting people for growth and innovation. I didn't write in my column, but it's the same about our country.

Any other thoughts are welcome, of course. If you're interested, I'd appreciate it if you could read them.

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Europe, where I work, is in a bad mood these days. The economic shock from the pandemic was so great, and the recovery has been very slow due to inflation and the energy crisis from the war. What's more worrisome is the long-term trend. In 2010, the economies of the U.S. and the European Union (excluding the U.K.) were similar, but last year, the U.S. was 1.5 times larger than Europe. While the U.S. continued its high growth with big tech companies at the forefront, Europe lagged behind in technological innovation. The words that describe Europe in the media in recent months are "falling," "truly falling," and "terrible." One YouTube video that was watched by hundreds of thousands of people even had a title like this. "Europe has become impoverished to death."

It's not because I'm on the European team, but most of these harsh criticisms are exaggerated. According to the Purchasing Power Assessment (Purchasing Power Assessment), which adjusts prices and exchange rates, Europe's gross domestic product (GDP) last year was only 7% less than that of the United States. Although the gap has widened compared to 2010, it is not "deadly poor." Compared to GDP per capita or labor productivity, the gap has narrowed over the past 15 years. Germany's output per working hour, which is said to be painful these days, has steadily increased, surpassing the United States in 2022. Basically, the average working hours in Europe is less than in the United States, because Germans especially work less. The average working hours in the U.S. is 32.3 hours a week, compared to 30.8 hours in the European Union and 25.7 hours in Germany. In other words, they chose to work less and earn less.

Other than income, let's look at other indicators. The average pre-tax income earned by the top 10% of the United States was 16.3 times higher than the bottom 50% in 2022. The same figure was 9.5 times for Germany, 7.8 times for France, and 6.6 times for Sweden. According to the number of people who die, the industrial accident death rate per 100,000 people is 0.7 for Germany, 0.8 for Sweden, 2.6 for France, and 3.7 for the United States. The suicide rate per 100,000 is 9.7 for Germany, 11.6 for Sweden, 12.5 for France, and 14.1 for the United States. Let's also see the rate of eco-friendly transition. Last year, Sweden consumed 53.9% of renewable energy, 24.4% for Germany, and 16.9% for France, but only 11.7% for the United States. European countries seem to love the environment more equally, safer, and more even if they make less money than the United States.

However, the irony is that Europe's social achievements are a drag on growth. Regulations related to labor, the environment, and new technologies hinder technological innovation and accelerate the outflow of talent. Europe's social security systems, coupled with low growth and an aging population, reduce fiscal spending capacity. Environmentally friendly transitions that are unreasonable in times of war increase energy costs and put a strain on the industry. If Europe loses competitiveness in key industries and falls behind, its social and cultural advantages may also disappear. Even if there are exaggerated aspects, concerns toward Europe make sense to some extent.

How can Europe solve this problem? Will it give up on high standards for labor and the environment and pursue high growth at the expense of some equity? Will it take potential risks for innovation and deregulate technology? Will it slow down the energy transition a little to reduce the burden on industry? The buzzy "European crisis theory" is pushing Europe to give up protecting people for innovation and growth.

Now, Europe is at a crossroads of choice. Although the extreme right made strides in the European Parliament elections last month and dissatisfaction with the current method was expressed, there is also evidence that faith in the "European values" remains. The centrist power maintained a majority again this time, and based on this, the European Commission president won a second term. The president of the executive committee has put forward deregulation and strengthening industrial competitiveness as his next task, but equity