Triple threat: the European economy has a Trump problem

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• 00:07

  Europe's economy is in trouble.

• 00:10

  Since the global financial crisis and the sovereign debt crisis that followed,

• 00:14

  European growth has been lackluster.

• 00:17

  Now, the countries of the European Union are facing another problem,

• 00:22

  Donald Trump's threat to impose tariffs.

• 00:25

  It will definitely happen with the European Union, I can tell you that.

• 00:30

  because they've really taken advantage of us.

• 00:32

  They don't take our cars, they don't take our farm products, they take almost nothing.

• 00:37

  And we take everything from them, millions of cars, tremendous amounts of food.

• 00:42

  But it's not just tariffs worrying those in finance ministries across Europe.

• 00:47

  Trump has demanded NATO allies spend 5% of GDP on defence,

• 00:52

  which is unaffordable for most of Europe.

• 00:56

  To fund anything like that, Countries either need to borrow heavily or grow.

• 01:01

  For that challenge, the EU has something of a plan.

• 01:06

  We are all anxious about the future of Europe.

• 01:10

  That's Mario Draghi, the continent's unofficial chief technocrat,

• 01:14

  presenting his 400-page report entitled The Future of European Competitiveness in a glossy video released by the European Parliament.

• 01:24

  The innovation gap is at the root of Europe's low in productivity growth relative to the US.

• 01:30

  So we must bring innovation back to Europe.

• 01:33

  So how much trouble is Europe in?

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