Where Europe does fall short, however, is productivity growth. This is not because it fails to innovate, but because it struggles to translate ideas into commercial success. European business founders still need to navigate a complex patchwork of legal systems, corporate codes and regulatory regimes. This fragmentation acts like an internal tariff wall, making it costly and difficult to expand across borders. As a result, intra-EU trade in services is no higher than trade with non-EU countries. The most powerful idea for breaking this impasse is the creation of a 28th regime: a unified European corporate framework open to companies of all sizes and sectors. A 28th regime would not be intended to replace national legal frameworks, nor would it harmonise taxes or social security systems. Instead, it would provide what Europe has long been missing: a truly single market that allows Europe to compete as one economy rather than 27. Companies would grow across borders without legal reinvention. Capital markets would deepen. Talent would circulate more freely. And Europe could build a genuine “Made in Europe” brand for global market leaders that remain European not just in origin but also in value creation. This is best achieved by means of an EU regulation that is directly applicable across all member states. Otherwise, Europe risks ending up with 27 versions of the 28th regime, recreating the very fragmentation it seeks to eliminate. Europe has ideas. It has talent. What it needs is scale — and the courage to build it.