Last Thursday, at Deloitte Luxembourg’s Beyond Conference, the past and the future converged in one conversation--on a continent’s direction, on the choices before us. It was an evening of dialogue, of sharp analysis, of leadership in its truest form--not the leadership of podiums and proclamations, but of ideas sharpened in discussion, of minds tested against reality, and of the conviction that Europe’s future is neither preordained nor immovable. It is shaped, moulded, and defined by the decisions we take--or fail to take--today.
Two figures at the heart of this conversation were Roberta Metsola, president of the European Parliament, and Luc Frieden, prime minister of Luxembourg, both leading voices in the European project, yet distinct in their vantage points. Metsola, with the broad sweep of a pan-European lens, laid out a vision for a continent that must simplify, integrate, and compete with confidence. Frieden, with the precision of a statesman guiding a country that has long played a larger role than its geography suggests, outlined Luxembourg’s path ahead and its role within the European fabric.
Moderating this conference, I could not help but reflect on a truth that sat just beneath the surface of our discussions: Europe has never lacked potential. What it has lacked, at times, is decisiveness. The evening was not about lamenting that inertia but about countering it with pragmatism, urgency, and the willingness to challenge entrenched dogmas when necessary.
The peril of hesitation
One of the evening’s dominant themes was competitiveness--or rather, the erosion of it. The EU Competitiveness Compass, published just a day earlier, laid out the challenge starkly: a widening innovation gap in AI, quantum computing, and biotech; capital markets that continue to funnel European savings elsewhere; and regulatory structures that, for all their good intentions, too often obstruct rather than enable business. These are not new issues, but the urgency with which they must be addressed has reached a new peak.
Metsola was unambiguous: Europe must simplify, or it will stagnate. She argued with conviction that regulation is not an end in itself--that complexity for complexity’s sake does not signify progress. She spoke of the need to channel Europe’s vast financial resources into Europe, rather than watching capital migrate to jurisdictions that move faster, think bigger, and regulate with a lighter touch. And she reminded us that while competitors innovate, we deliberate.
It was a sentiment echoed by Frieden, who called for a shift in mentality--a move away from procedural overreach and towards a Europe that trusts its businesses to thrive without excessive intervention. He laid bare the reality: Europe is not short of talent, ideas, or ambition. But it is too often caught in its own bureaucracy, outpaced not by superior ingenuity abroad, but by superior agility.
Forces shaping Europe’s future
Throughout the evening, several defining battles for Europe’s trajectory took shape.
Global trade and investment featured prominently, particularly in the face of US protectionism and China’s state-backed industrial dominance. Metsola was clear that Europe cannot afford to stand still while others move aggressively. Frieden, too, reinforced the need for a strong European stance to prevent capital outflows and ensure high-growth industries develop at home rather than relocate abroad.
Regulation and competitiveness came under scrutiny as well. The paradox of European regulation was evident--a continent that champions free markets yet often builds labyrinths for its own businesses to navigate. Corporate Sustainability Reporting Directive and sustainability reporting were cases in point--designed to safeguard, yet at risk of becoming deterrents to investment if not carefully recalibrated.
Energy and sustainability raised a central challenge about how to balance ambition with realism. Frieden highlighted Luxembourg’s approach, from cross-border energy partnerships to renewable investment, while Metsola stressed that sustainability cannot become synonymous with excessive costs for European firms. The green transition must be an economic opportunity, not just a compliance obligation.
The rise of populism and its impact on Europe’s economic and political stability was another pressing concern. Metsola was frank: Europe’s ability to attract investment and foster innovation depends on maintaining a functioning democratic centre. Lose that, and we risk losing much more than just elections. Frieden, too, expressed concern over the increasing fragmentation of Europe’s political landscape, underscoring the importance of stability in fostering economic growth.
Technological sovereignty emerged as a test of Europe’s ambition. AI, biotech, quantum computing--these are not simply industries; they are geopolitical assets. Frieden warned that Europe’s regulatory environment must not become a straitjacket that drives innovation elsewhere. Metsola, in turn, challenged the audience: Will Europe be a consumer of other continents’ technologies, or will it lead?
And then came the unfinished business of Europe’s single market. Metsola pointed to persistent fragmentation in areas like energy, capital markets and financial services, noting that while the EU’s single market remains one of its greatest achievements, too many barriers still prevent it from functioning as a truly unified whole. “In too many sectors, we still operate as 27 different markets rather than one,” she observed.
No shortage of intensity
At one point in the evening, I joked that we had managed to arrange two out of three elements of a fireside chat: comfortable armchairs and good company. While there was no fire in the literal sense, the discussion burned with insight and conviction.
As the evening drew to a close, I asked our speakers: If you could send one message to the decision-makers in the room, what would it be?
Metsola’s answer was clear: make your voices heard. Businesses, investors and innovators must push back when regulation overreaches, must advocate when the right frameworks are at stake, and must engage before decisions are locked in, not after.
Frieden’s message was just as direct: believe in Europe’s potential. The future is not predetermined. Europe has every asset it needs to succeed--but only if it seizes the opportunity before hesitation makes it too late.
Europe’s future: A choice, not a given
There are moments in time when the status quo is no longer sufficient--when the structures that have carried us forward must be rethought, and when the comfort of stability must give way to the urgency of progress.
Last Thursday was one of those moments.
For Deloitte Luxembourg, as we mark 75 years of contributing to this country’s success, this event was not simply a reflection on what has been achieved, but a call to action for what must come next. I know I speak for everyone in the room when I say that we are deeply grateful to president Roberta Metsola and prime minister Luc Frieden for their engagement and the clarity of their vision, which brought depth and urgency to this discussion on Europe’s challenges and opportunities.
Because if there was one unspoken truth that bound every theme of the evening together, it was this: progress does not unfold on its own. It is built, choice by choice, by those who refuse to wait. That responsibility sits with us.
John Psaila is managing partner and CEO at Deloitte Luxembourg