Wake-up call

Jamie Dimon, CEO of JPMorgan and one of the most influential bankers of our time, delivered a stark assessment of Europe’s economic trajectory:
“Europe has gone from 90 per cent of US GDP to 65 per cent over 10 or 15 years. That’s not good. You’re losing.”

Today’s chart puts this into perspective. Back in 2008, the Eurozone and the U.S. had comparable economic sizes. By 2023, that balance had shifted significantly — the U.S. economy surged ahead, while Europe lagged behind in relative terms.

This growing gap is a wake-up call. Amid mounting political and economic pressures, Europe may now be forced to confront long-standing structural weaknesses — from overregulation to the absence of unified fiscal and economic policies. If it does, this moment of challenge could also become a moment of opportunity.

At ECP, we remain mindful of these macro trends. But rather than follow headlines or regions, we focus on the fundamentals of individual businesses. Even in a fragmented Europe, companies with strong management and global earning power can outperform — and that’s where we invest.